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Mortgage Refinancing
This calculator is designed to show people how much they might save (or might have to pay) by refinancing their mortgage. Since people rarely refinance for a period of time equal to what was left on the original mortgage, this calculator lets the user input the time period of the new mortgage. This calculator shows the difference in interest costs of the remaining lifetime of the old loan and the new loan. The calculator also offers the option of letting the user calculate a mortgage if the house is refinanced for a higher amount than the current mortgage balance.

Current mortgage balance: $
Interest rate on current mortgage:   %
Number of remaining payments:
(cannot be zero)
  
Monthly escrow payment:
(optional)
$
Interest rate on refinance:   %
Length (years) of new loan:
(cannot be zero)
  
Additional amount to be added
to new loan principal:
(in order to cash in on some of your equity)
 
$