Refinance Mortgage Calculator

Prepayments and Refinanace calculator for iPhone, Blackberry & Mobile phones / Refinance Calculation Example
Mortgage »     Refinanace »     Price & Downpayment »

Current Mortgage Information
Mortgage amount:    $
Length of Mortgage:
 years
Interest Rate: % per year
Current Principal Amount:  $

Refinance Information (New Mortgage)
New Mortgage amount:    $
Length of New Mortgage:
 years
Refi Interest Rate: % per year
Out-of-pocket closing cost: $
 

 OriginalRefinanacedOriginal + PrepayRefi + Monthly
Monthly Payment:$738.86$582.69$738.86$582.69 + $156.17
Interest Total:$145,989.83$94,767.72$89,446.97$57,975.59
Total Payment:$265,989.83$209,767.72$200,446.97$172,975.59
Payment Time:30 yrs30 yrs21 yrs 3 mo19 yrs 7 mo
$$ Savings:$0$51,222.11$56,542.86$88,014.24
Time Savings:NoneNone8 yrs 9 mo10 yrs 5 mo
Final Analysis
  • Assuming default monthly payment of $582.69, you will break even with selected refinance after 5 yrs 3 mo
  • If you keep the original monthly payment of $738.86 you will recoup the cost of this refinance in 2 yrs.
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
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