Manzel Mortgage - Refinance Breakeven Calculator

Mortgage Refinance Breakeven Calculator

This calculator will help you decide whether or not you should refinance your current mortgage at a lower interest rate. In addition to monthly payment and net interest savings, this calculator will also calculate how many months it will take to break even on the closing costs. This calculator is intended to provide approximate information about your loan payments. Your actual payment information may vary. Please contact your lending institution for exact payment information.

Principal balance of your mortgage ($): (call your mortgage lender for the current payoff amount)

Current monthly mortgage payment ($):

Current interest rate (%):

Refinancing interest rate (%):

Refinancing number of years (term):

Refinancing closing costs:



If you refinance, your monthly payment will be:

Monthly Savings:

Number of months to breakeven on closing costs:

Total Interest you pay under your current plan:

Total Interest you will pay with the refinanced plan:

Interest you will save if you refinance:

Net refinancing savings: (interest savings less closing costs)