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):
Copyright © 2004, Brasfield Technology, LLC. All Rights Reserved.

 
©2005-2011 GulfSouth Private Bank. All Rights Reserved. This website may link to other websites in which case GulfSouth Private Bank cannot control the information or graphics displayed. Our Privacy Policy does not apply to any other website. Please refer to those sites' privacy policies for more information.