Mortgage Refinancing Calculator

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate.

Enter the principal balance of your mortgage: (Call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment: (Principal & Interest Only)
Enter your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs: (Typically 2 points or a set dollar amount)
Would you like to finance the closing costs?

If you refinance, your monthly payment * will be:
Monthly Payment Reduction:
# of months for interest savings to offset closing costs: *
The interest you will pay under your current plan:
The interest you will pay under your refinanced plan:
The interest you will save if you refinance:
Net Refinancing Savings:

* Monthly Payment only includes Principal and Interest
* Interest Savings is not the same as Monthly Payment Reduction.
We feel Interest Savings is a better measure of true savings.
Contact Us for more information on how we can get you into a
new home with a zero down payment mortgage.

Texas Mortgage Brokers

Mortgage Refinancing Calculator