mortgage sum logo

|  Home Equity  |   Amortization  |   Mortgage Blog  |   FHA Loan  |   Reverse Mortgage |
 

  Mortgage Advice

  Popular Calculators

  Top Guides

  Mortgage Tools

add calculator Add a Simple Mortgage Calculator Widget.

mortgage rate comparison Newest Addition! Mortgage Rate Comparison Calculator

mortgage rates predictions  Mortgage Rates Predictions

Mortgage Refinance and Consolidation Calculator

This calculator will help you to decide whether or not it would be advantageous for you to consolidate a first and second mortgage and refinance into a single mortgage with 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.

Note: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).
First Mortgage
Enter the principal balance of your first mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter your first mortgage's current interest rate: (Latest Mortgage Rates)
Second Mortgage
Enter the principal balance of your second mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter your second mortgage's current interest rate:
Refinancing
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:
Number 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):


AddThis Social Bookmark Button

Suggest to Friend Suggest this Calculator

back  Return to Calculator Menu


  

Mortgage Resources:      Search | Mortgage Formulas | Home Equity | Home Insurance | FHA Loans | Mortgage Rate

All Content and Intellectual Property is under Copyright Protection | MortgageSum.com © 2011
MortgageSum.com is not responsible for the accuracy of the rate, APR, mortgage calculations, and loan information.