Mortgage Refinance Calculator  
The Refinance Calculator will help you determine whether refinancing your loan for a lower interest rate is a wise decision for you. While a lower interest rate will mean lower monthly payments and less total interest, refinancing will also mean paying closing costs and, in some cases, points. If the monthly savings exceed these closing costs, refinancing is a good option. 



Current Loan Information  
Loan Amount 
This is the amount of your current loan. 
Loan Rate 
This is the interest rate of your current loan. 
Loan Term 
The loan term is the maximum time in years in which you agreed to pay back the loan in full. 
Months Paid 
Months paid is the number of months that you have made payments on your current loan, thus far. 
Current Balance 
This is the estimated balance of your current loan, principal and interest only (no tax or insurance fees included). 
Monthly payment 
This is the estimated monthly amount you have to pay for principal and interest only on you current loan. 
Outstanding Interest 
The is the estimated amount of interest you still have to pay on your current loan if you continue to pay to the end of your loan term. 
New Loan Information  
Loan Rate 
This is the interest rate of your new loan. 
Loan Term 
The loan term is the maximum in years in which you agreed to pay back the new loan in full. 
Points 
Points are prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (e.g., two points on a $100,000 mortgage would cost $2,000) 
Other Costs 
Other costs are also known as closing costs. Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. These may include an origination fee, taxes, the costs of obtaining title insurance, transfer fees, etc. They can often total several thousands of dollars. You may need to consult a loan officer for an estimate. 
Savings Rate 
Most borrowers choose to roll closing costs and points into the loan balance; however, if you choose to pay those costs outofpocket, you should enter your savings interest rate. You can then determine how much interest you will lose by taking that money out of your savings. 
Monthly payment 
In the monthly payment results, compare your monthly payment amounts between your current loan and your proposed, new loan. 
Outstanding Interest 
Compare the total interest you will pay over the life of the loans. 
Results 
The results box offers guidance and suggests how to interpret the graph. 
Graph 
Mouse over the graph and move to a speicific year. The dynamic readout shows your cumulative cost savings up to that year. The breakeven point is where the current loan and the new loan lines intersect. You need to keep your existing loan until the breakeven point in order for the refinancing to be a wise decision. In other words, at that time, the closing costs are equal to your cumulative monthly savings. For instance, if you intend to stay in the home for at least 2 years, and the breakeven point is less than 2 years, then refinancing will save you money. If you plan to stay in the home for a maximum of 2 years and the breakeven point is more than 2 years, then you will lose money with a refinancing. 