# Mortgage Refinancing Calculator

Mortgage Refinancing Calculator is a home mortgage calculator that helps you know if you will save money or not by refinancing. This is a cool refinancing calculator!

Use this refinancing calculator to estimate your savings should you decide to refinance. It can also help you decide if maybe its not a good idea to refinance right now.

If your goal is to lower your interest rate, this online mortgage calculator will help you see if its worth it. There are a couple of things you need to consider when making this decision:

• Do I plan to move any time soon? If so, in how many months?
• What will it cost me to make this change?

When you have the answers to these questions, then you can evaluate if the savings will be enough to cover the cost to refinance.

What is nice is you can compare your current mortgage with the new one. So go ahead and begin your comparisons.

## Cool Mortgage Refinancing Calculator

 Mortgage Refinancing Calculator This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs. 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 percentage points dollar amount : (Typically, # of points is "2" or dollar amount is .02 times the principal) Would you like to finance the closing costs? No Yes This is how much your monthly payment will be if you refinance: Monthly Payment Reduction: # of months for interest savings to offset closing costs: This is how much interest you will pay under your current monthly payment plan: This is how much interest you will pay under your refinanced monthly payment plan: This is how much interest you will save if you refinance: Net Refinancing Savings (interest savings less closing costs):

If you need help estimating your mortgage closing costs, check out this FREE closing costs calculator by clicking here.

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