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For a version of this calculator that derives your prices for different new mortgages, rather than requiring you to input what your prices are, click here.

Refinancing One FRM Into Another to Lower Net Cost (3a)

Who This Calculator is For: Borrowers with one FRM trying to decide whether refinancing into another FRM will reduce their costs.

What This Calculator Does:This calculator compares the total cost of retaining the current FRM with the cost of refinancing into another FRM, over a specified future period. It also shows the period the new loan must be held to break even and allows upfront costs to be financed.

DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS SIGNS ( + )OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES

Information About You and Your House
Show Modal IconExpected Years in House, Cannot Exceed Term
Show Modal IconRate of Interest on Savings (e.g. 3.5)
Show Modal IconIncome Tax Bracket (e.g. 27)
Current Value of House (e.g. 225000)
Loan Information
Current Loan
Loan Balance
Interest Rate on Current Loan (e.g. 7.50)
Show Modal IconRemaining Term (in months)
Expected Additional Monthly Payment
New Loan
Loan Amount (Calculated Automatically)
Interest Rate on New Loan (e.g. 7.50)
Show Modal IconNew Loan Term (in months)
Expected Additional Monthly Payment
Optional: Number of Years New Loan is Interest-Only
Points (Percent of Loan) — Check box if charges will be added to loan
Show Modal IconAll Other Closing Costs ($) — Check box if charges will be added to loan
Mortgage Insurance Information (if applicable)
Show Modal IconWill Mortgage Insurance be Deductible for You?
Current Loan
Type of Loan
Show Modal IconMonthly Mortgage Insurance Payment ($)
New Loan
Type of Loan
Show Modal IconUpfront Mortgage Insurance Premium ($) - Check box if charges will be added to loan
Show Modal IconMonthly Mortgage Insurance Payment ($)
Calculator Design & Programming byDecision Aide Analytics Logo

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Mortgage Refinance Calculator: Refinancing One FRM Into Another FRM