Refinance Calculator - Will you save by refinancing your mortgage
	A mortgage refinance can mean good savings, but it may come at a price in the short term as you usually pay refinancing costs including points, fees, and closing costs. The decision to refinance generally comes down to whether you'll be in your home long enough for your monthly savings to outweigh the upfront refinancing costs. This Refinance Calculator will help you determine the amount of time you'll need to stay in your home after refinancing your mortgage to breakeven and cover your costs. In addition it shows if you lower your payments and save on interest. Simply enter information like date of the loan , and current interest rates to find out if refinancing is the right thing to do now.
	Existing Loan
	Original loan amount	$
	Original mortgage term	YearsMonths
	Date of loan	01 02 03 04 05 06 07 08 09 10 11 12 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
	Current intrest rate	%
	New Loan
	New interest rate	%
	New loan term	YearsMonths
	Amount to cash out	$
	Refinancing Costs
	Points (%)
	Fees and closing costs	$
	Closing costs will be	Paid by cash\check Rolled into the loan
	Show Chart
	Current Loan Payment Schedule
	Refinance Payment Schedule
	Your new mortgage payment will be $2,169.53. Refinancing will immidiatly cost you $5,378.85 to cover the loan fees. According to your new loan terms and costs points your bottom line savings will be negative, see below table for more details.

	Summary Results	Current Loan	Refinance	Difference
	Loan Term	333 months	360 months	-27 months
	Left Balance	387885.21	$392,885.21	$5,000.00
	Interest Rate	5.7%	5.25%	0.45%
	Cash Out		$5,000.00	$5,000.00
	Closing Costs Paid		$5,378.85	$5,378.85
	Monthly Payment	$2,321.60	$2,169.53	$152.08
	Total Interest	$385,208.16	$388,144.39	($2,936.00)
		Interest Saved	Closing Costs	Net Savings
	Your Bottom Line	($2,936.00)	$5,378.85	($8,314.85)