Refinance Calculator
Calculate your potential savings from refinancing your mortgage. Compare current vs. new loan terms, estimate closing costs, and see your break-even point.
Step 1: Current Loan Details
Understanding Your Current Loan
Your current loan details are essential for calculating potential savings. Find this information on your most recent mortgage statement or loan documents.
Step 2: New Loan Details
About Closing Costs
Closing costs typically range from 2% to 5% of the loan amount. These include appraisal fees, title insurance, lender fees, and other administrative costs.
Refinance Savings Results
Monthly Payment Savings
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Total Cost | Interest Savings |
|---|
Payment Breakdown Analysis
Refinance Savings Formula
Monthly Savings = Current Payment – New Payment
Break-even = Closing Costs ÷ Monthly Savings
The refinance calculator compares your current mortgage payment with a potential new payment based on the interest rate and loan term you enter. It calculates how long it will take for your monthly savings to cover the closing costs.
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