Should I Refinance?

Use this calculator to estimate the advantages or disadvantages of refinancing.

To use the calculator, enter the following information:

Input Information: Amount (of mortgage), Interest Rate (before and after refinancing), Length of mortgage (in years), number of Months paid, and number of Years Before You Sell.
Fees and Points: Points, Originations Fees and Closing Costs.
Your Tax Rates: Income Tax Rate and State Tax Rate.

Some information that the calculator will compute:

Total Benefit (Savings - Losses - Closing)
Tax Savings Losses
Total Interest Paid
Monthly Payment Savings

The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.

Input Information

	Before Refinancing	After Refinancing
Amount :	($)
Interest Rate :	(%)	(%)
Length :	(Yrs)	(Yrs)
Months Paid :	(Mts)
Years Before Sell :	(Yrs)
Fees and Points
Points :	(%)
Origination Fees :	(%)
Closing Costs :	($)
Your Taxes Rates
Tax Rate :	(%)
State Tax Rate :	(%)
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Show Schedule Table

Financial Analysis

	Before Refinancing	After Refinancing
Monthly Payment :	$1,304.12	$1,111.94
Total Monthly Payments :	$78,247.10	$66,716.40
Monthly Payment Savings :	$11,530.70
Total Interests Paid :	$51,307.55	$45,362.59
Tax Savings :	$15,905.34	$14,062.40
Tax Saving Losses :	$1,842.94
Balance at Refinance :	$228,745.59
Points Value :	$2,287.46
Refinance amount :	$228,745.59
Balance at Sale :	$201,806.04	$207,391.78
Balance Losses :	$5,585.74
Total Losses :	$7,428.68
Total Closing Costs :	$3,487.46
Total Savings :	$11,530.70
Total Benefit (Savings - Losses - Closing) :	$614.57