How much interest can you save if you refinance your mortgage at today’s rates? This calculator helps you find out! Enter the specifics about your current mortgage, along with information for the new mortgage including its amortization, rate and closing costs. We will then compare how much your current mortgage will cost in interest until it’s maturity date (the remaining time of your mortgage) to the cost of refinancing (penalties and closing costs) plus how much interest the new mortgage would cost over that same time period. If the new mortgage interest costs combined with the cost of refinancing are less than the cost of interest for your existing mortgage, then you should definitely refinance!
Have questions? Contact us today and we’ll be happy to answer them.