Recent Calculations
How long will it take to break even on a mortgage refinance? Use the mortgage refinance calculator to sort through a multitude of factors including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. The mortgage refinance calculator helps sort through the confusion and determine if refinancing your mortgage is a sound financial decision.
Original amount of your mortgage.
The appraised value of your home when you purchased it.
The annual interest rate for the original loan.
Total length of your current mortgage in years.
Number of years remaining on your current mortgage.
Your current income tax rate. **TAXTABLE_CURRENT_DEFINITION**
To let the calculator determine your remaining balance, based on your original loan information and years remaining, check this box. To enter your own amount, leave this box unchecked.
The current appraised value of your home.
Balance of your mortgage that will be refinanced.
The annual interest rate for the new loan.
Number of years for your new loan.
This is the percentage of the new mortgage that is paid to the lender as the loan origination fee. Typically, this fee is 1% of the loan balance.
This is the number of points paid to the lender to reduce the interest rate on the mortgage. Each point costs 1% of the new loan amount.
Estimación de todos los demás costos de cierre del préstamo. Debe incluir las tarifas de presentación, las tarifas del tasador y cualquier otra tarifa adicional pagada.
Costo mensual del seguro hipotecario principal (PMI). Para préstamos garantizados con menos del 20 % de pago inicial, el PMI se estima en el 0.5 % del saldo de su préstamo cada año. Para calcular el PMI mensual, multiplique el saldo inicial de su préstamo por este porcentaje y divídalo entre 12. Cuando el valor neto de su vivienda supera el porcentaje requerido para el PMI, su pago de PMI se reduce a cero.
Normally PMI is required if you have less than 20% equity in your home, however for the refinance of loan guaranteed by Freddie Mac or Fannie Mae you may not be required to pay PMI if your current mortgage doesn't require it. Check with your lenders for details. Check the box "do NOT include PMI" if this applies to your refinance.
Your current payment is the sum of principal, interest and PMI (Principal Mortgage Insurance). Because refinancing does not affect your insurance or taxes, they are not included here.
Your new payment is the sum of principal, interest and PMI.
Pago mensual de capital e interés.
The number of months it will take for your monthly payment reduction to be greater than closing costs.
The number of months it will take for your interest and PMI savings to exceed your closing costs.
The number of months it will take for your after-tax interest and PMI savings to exceed your closing costs.
This is the most conservative break even measure. It is the number of months it will take for your after-tax interest and PMI savings to exceed both your closing costs and any interest savings from prepaying your mortgage. The prepayment amount used in this calculation is the amount that you would have to spend on closing costs.