Mortgage Refinance Savings Analysis How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. We will then determine how much interest refinancing can save you. In addition, we calculate the number of months it will take to break even on closing costs with your reduced monthly payment. |
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Definitions Appraised home value: Current market value of your home. Original loan amount: Total amount for your original mortgage. Original rate: Annual percentage rate of your original loan. Original term in years: The total number of years for your original mortgage. Number of payments made: The total number of payments you have made on your original mortgage. Annual property taxes: Your annual property taxes. Annual home insurance: Your annual home owners insurance premium. Monthly PMI: The amount you pay each month for PMI. This is usually your 0.5 percent of your loan amount, if you have less than 20% equity in your home. Current PITI: Current monthly Principal, Interest, Taxes and Insurance payment. New rate: Annual percentage rate of your new loan. New Term: The total number of years for your new mortgage. Closing costs: Total fees and other costs associated with the new mortgage, and paid at the time of closing. New PITI: New monthly Principal, Interest, Taxes and Insurance payment. New Loan to Value: Total loan amount divided by the appraised value of your home. The information presented is of a general nature only and may omit details related to your particular circumstances, and accordingly cannot be regarded as legal or tax advice. Please contact the office to discuss how this information pertains to your specific financial or tax situation. |
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