Is it the right time to refinance

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Is It The Right Time To Re-Finance?

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. It will also calculate how many months it will take to break even on the closing costs. Note: When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error.
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 "1" or dollar amount is .01 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):


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Equal Housing Lender. © 2007 Abela Group Home Loans, L.L.C. Trade/service marks are the property of Abela Group Home Loans L.L.C., and/or its subsidiaries. Loan Approval is subject to satisfactory appraisal and title review and no change in financial condition. If the rate is not locked or rate protection expires, any rate increase may lower the loan amount for which the borrower has pre-qualified. *Interest Rates are subject to change without notice. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation. State Licensing. Privacy & Security.