About This Tool
The BESTUTILS.com Mortgage Refinance Calculator helps you evaluate the financial benefits of refinancing your existing home loan. By comparing your current mortgage terms with potential new ones, you can determine if refinancing will lead to monthly savings and how long it will take to recoup your closing costs.
How to Use
- Current Loan Balance: Enter the remaining balance on your existing mortgage.
- Current Interest Rate (%): Input the annual interest rate of your current loan.
- Current Loan Term (Years Remaining): Specify the number of years left on your current mortgage.
- New Interest Rate (%): Enter the proposed annual interest rate for your new refinanced loan.
- New Loan Term (Years): Define the new duration for your refinanced loan.
- Closing Costs ($): Include any fees associated with the refinancing process (e.g., appraisal fees, loan origination fees).
- Click "Calculate Refinance" to compare your current and new monthly payments, see your potential monthly and total savings, and find out your break-even point in months.
This tool is essential for making informed decisions about whether refinancing is the right financial move for you.