Mortgage Refinance Calculator
This Mortgage Refinance Calculator allows you to caclulate the montly savings if you should refinace your current mortgage to a lower interest rate mortgage. This is useful when comparing loans with different interest rates as a small change in the interest rate makes a substantial difference in the monthly payments and total cost of the loan.
Mortgage Refinance Calculator LegendNew Loan Amount: This is the total new loan amount that your would be requesting. This loan amount may include all the loan fees (such as origination fees) and any consolidation of other loans that you might have.
New Loan Interest Rate: The interest rate of the refinanced loan. Obviously, in order to realize any savings, this interest rate should be a lower than that of the original loan.
Loan Term in Years: This is the term of the new loan in years. Most mortgages are amortized over 15 or 30 year period. The shorter the amortization schedule is, the higher the monthly payments are, but also you would pay less in total interest over the life of the loan.
Current Monthly Payment: This is the current amount paid toward the mortgage. If you are consolidating any other loans or debts (such as credit cards) with the refinancing, it would make sense to add the other monthly payments to this figure.