Compare your current mortgage to a proposed refinance and see how long it takes to break even on the closing costs.
The amount you currently owe on your existing mortgage.
The interest rate on your existing mortgage.
The number of months remaining on your existing mortgage.
Your actual current monthly payment, if it differs from the calculated one (e.g. includes escrow).
The interest rate you can get on your refinanced mortgage. This should be lower than the interest rate on your existing mortgage.
The number months you will be paying on your refinanced mortgage loan. 30 years = 360 months, 20 years = 240 months, 15 years = 180 months.
Choose whether closing costs are rolled into the new loan or paid out of pocket.
This is a fee charged by the lender to evaluate, prepare and submit your loan. It typically ranges for 0.5% to 2%.
Lenders charge various other related fees. Enter any other fees or discount points as a percentage in this field.
Lenders charge various other related fees. Enter any other fees as a monetary amount in this field.