Refinancing Calculator

Refinancing can become your way out of a difficult financial situation, or … your big disappointment. To avoid the latter quite unpleasing turn, use this calculator and see for yourself if refinancing your mortgage can help you out.

Input Information
Before Refinancing After Refinancing
Amount : ($)  
Interest Rate : (%) Interest Rate : (%)
Length : (Yrs) Length : (Yrs)
Months Paid : (Mts)
Years Remaining : (Yrs)
Fees and Points
Points : (%)
Origination Fees : (%)
Closing Costs : ($)
Your Tax Rates
Tax Rate : (%)
State Tax Rate : (%)
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Name :
Phone # :

Financial Analysis (Switch to Plain English)
  Before Refinancing After Refinancing
Monthly Payment : $1,342.05 $1,163.21
Total Monthly Payments : $80,523.24 $69,792.40
Monthly Payment Savings : $10,730.84
Total Interests Paid : $54,306.57 $49,493.47
Tax Savings : $16,835.04 $15,342.98
Tax Saving Losses : $1,492.06
Balance at Refinance : $229,571.83
Points Value : $2,295.72
Refinance amount : $229,571.83
Balance at Sale : $203,355.16 $209,272.90
Balance Losses : $5,917.74
Total Losses : $7,409.80
Total Closing Costs : $3,495.72
Total Savings : $10,730.84
Total Benefit
(Savings - Losses - Closing) : 		$-174.68
Plain English Help (Switch to Financial Analysis)

A well-timed refinancing of your mortgage may save you quite a bit of money. The benefit can involve either your monthly payments or have a more remote effect.

For example, refinancing an original 30-year loan for $250,000.00 with a 5.000% interest rate and 60 months paid off, will reduce your monthly payment if you refinance for a new 30 year period with a 4.500% interest rate.

If your Federal tax rate is 26.000% and your state tax rate is 5.000%, you are probably paying $1,342.05 per month towards your home. When you refinance at the new rate, you will pay $1,163.21 instead, but your tax benefits will also be affected by this change.

The bottom line is:

  • you will lose $1,492.06 on tax savings (lesser tax benefit is worse)
  • your remaining balance will be $5,917.74 bigger because you will pay less towards your mortgage principal (bigger principal is worse)
  • closing your refinancing process will cost you $3,495.72

Considering this, your total refinancing LOSSES will be $174.68.