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Some comments:
 | This analysis assumes that both
your current loan and new loan are 30-year
mortgages |
| This analysis ignores taxes. The
monthly savings from refinancing are lower on an
after-tax basis than the pre-tax savings shown by
the calculator; upfront points paid for
refinancing may be tax deductible. |
|
Directions
You must enter all of the following:
- The original amount of your
mortgage, say 125000, under Original Loan Balance
- The interest rate on your original
mortgage, say 9.5
- The current amount of your
mortgage, say 118500, under New Loan Balance
- The interest rate on a new
mortgage if you refinance
- The closing costs on your new loan
(points, fees for application, title search
attorneys, appraisal, etc.)
Click on compute, and the calculator
will figure your principal and interest (P&I)
payments, how much you would save each month, and how
many months it would take to break even.
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