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Refinancing

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate.

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: (Principal & Interest Only)
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 2 points or a set dollar amount)     percentage points dollar amount
Would you like to finance the closing costs?	No Yes
If you refinance, your monthly payment * will be:
Monthly Payment Reduction:
# of months for interest savings to offset closing costs: *
The interest you will pay under your current plan:
The interest you will pay under your refinanced plan:
The interest you will save if you refinance:
Net Refinancing Savings:

* Interest Savings is not the same as Monthly Payment Reduction. We feel Interest Savings is a better measure of true savings. Monthly Payment only includes Principal and Interest, Contact Us for more information on how we can get you into a new home with zero money down.