logo
tagline
about business personal
 
 
links
  Home
  Business Checking
  Business Loans
  Treasury Management
  Financial Tools
  Personal Checking
  Personal Savings & CDs
  Personal Loans
     
privacy
  Privacy Notice
  ID Theft & Phishing
  FDIC Resources
  USA PATRIOT Act Notice
     





fdic
 

Mortgage Refinancing Calculator

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:
Enter your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs :
Typically, # of points is "2" or dollar amount is .02 times the principal
Would you like to finance the closing costs?
This is how much your monthly payment will be if you refinance:
Monthly Payment Reduction:
# of months for interest savings to offset 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):
 

Calculators are provided for your convenience. The accuracy of the calculation is not guaranteed. It is not intended as an advertisement, a disclosure statement under any consumer law, or an offer of tax, legal, financial or investment advice, and the calculator is not guaranteed to be applicable to your circumstances. It is not a guarantee of the availability of any particular loan product or interest rate, or an offer to make a loan.

>>back to Financial Tools