Mortgage 101 - Refinance?
   
 
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 and interest portion only)
Enter the your mortgage's current interest rate:
Enter interest rate you would like to refinance at:
Enter the number of years of new mortgage:
Enter estimated closing costs for refinancing:
This is your new monthly payment if you refinance:
Monthly Savings:
Number of months to break even on 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):
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My mortgage team and I remain up-to-date with the various mortgage rates, options,  loan choices and alternatives and is an invaluable resource for any home buyer or home owner who is considering refinance.

We are committed to providing you with mortgage services that exceed your expectations.


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This calculator is designed to be an informational and educational tool only, and when used alone, does not constitute investment, financial, or tax advice. We strongly recommend that you seek the advice of a professional before making any type of financial decisions. We also encourage you to review your investment strategy periodically as your financial circumstances and the tax laws change. This model is provided as a rough approximation of future financial performance. The results presented by this calculator are hypothetical and may not reflect the actual performance of your own investments. We are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this calculator. Do NOT rely on the results from this calculator to make financial decisions. Interest rates vary and the tax laws change regularly. Please contact us for assistance with your specific concerns.

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