| This JavaScript 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.
Note: When entering numbers into the data fields
only use numbers and applicable decimal points.
Entering commas, dollar signs, or any other
non-numeric characters will cause an error.
Also please note that this calculator has been
tested to work with Internet Explorer 3.01 and
Netscape Navigator 3.01 web browsers. However,
both must have the JavaScript option turned
on.
|
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: |
|
| 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, # of points is "2" or dollar amount
is .02 times the principal) |
|
| Would you like to finance the closing
costs? |
|
|
|
| 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): |
|
|
|
