| Enter the balance of your current mortgage (ask your mortgage lender for the current payoff
or look at your latest statement): |
|
| Enter your current monthly mortgage payment: |
|
| Enter your current mortgage's interest rate: |
|
| Enter the interest rate you can refinance at: |
|
| Enter the number of years you can refinance
at: |
|
| Enter the closing costs that you will be
paying to refinance: |
|
|
| This is your new monthly payment if you refinance: |
|
| Monthly Savings: |
|
| This is how much interest you will pay under your current
mortgage: |
|
| This is how much interest you will pay under your new refinanced
mortgage: |
|
| You will save this much interest if you refinance
and keep the new mortgage to term: |
|
| Net Refinancing Savings (interest savings
minus closing costs): |
|
| NOTE:
You can end up paying MORE in interest if you refinance a loan or
mortgage that is almost paid off over a new longer term, even if your
payments per month are much lower. |
