| Mortgage Consolidation & Refinancing
Calculator |
| This calculator will help you to decide whether or not it would be
advantageous for you to refinance either a single mortgage, or the
consolidation of a first and second mortgage, into a single mortgage. Not
only will this calculator calculate the monthly payment and net interest
savings (if applicable), but it will also calculate how many months it
will take to break even on the closing costs (if applicable).
Note: Be
sure to only include the principal and interest portion of your monthly
mortgage payment, i.e., do not include any escrow portions (property
taxes, insurance, etc.). |
| First Mortgage |
Enter the principal balance of your first
mortgage:
(call your mortgage lender and ask for the current
payoff amount) |
|
Enter the amount of your monthly mortgage
payment:
(principal and interest portion only)
|
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| Enter your first mortgage's current interest rate:
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| Second Mortgage (Optional) |
Enter the principal balance of your second
mortgage:
(call your mortgage lender and ask for the current
payoff amount) |
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Enter the amount of your monthly mortgage
payment:
(principal and interest portion only)
|
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| Enter your second mortgage's current interest rate:
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| Refinancing |
| Enter interest rate you will be refinancing at: |
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| Enter the number of years you will be refinancing for:
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Enter the closing costs :
(Typically, # of points is "2" or
dollar amount is .02 times the principal) |
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| Would you like to finance the closing costs? |
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| This is how much your monthly payment will be if you refinance:
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| Monthly payment (decrease)/increase: |
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| Number of months for interest savings to offset closing costs:
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| This is how much interest you will pay under your current
monthly payment plan: |
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| This is how much interest you will pay under your refinanced
monthly payment plan: |
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| This is how much interest you will save if you refinance:
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| Net Refinancing Savings (interest savings less closing costs):
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