This calculator will help you decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will it calculate the monthly payment and the net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Note: When entering numbers into the data fields, only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error.

The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Results should be discussed with a qualified professional before any product purchases or loan commitments are made. Please contact us with any and all questions.

Enter the current principal balance of you mortgage. (call your mortgage lender and ask for the current payoff amount.):

Enter the amount of your monthly mortgage payment:

Enter your mortgage's current interest rate:

Enter interest rate you will be refinancing:

Enter the number of years you will be refinancing:

Enter the closing costs that will be required for refinancing (if you are not sure, multiply your current balance owed by .03):

This is how much your monthly payment will be it you refinance:

Monthly Savings:

Number of months to break ever on closing costs:

This is how much interest you will pay under your current monthly payment plan:

This is how much interest you will pay under your refinanced monthly payment plan:

This is how much interest you will save if you refinance:

Net Refinancing Savings (interest savings less closing costs):

Summary of your refinance:

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Health Facilities Federal Credit Union: Our Members Are the Reason We Exist


Mortgage Refinance Calculator

This calculator will help you decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will it calculate the monthly payment and the net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Note: When entering numbers into the data fields, only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error.

The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Results should be discussed with a qualified professional before any product purchases or loan commitments are made. Please contact us with any and all questions.

Enter the current principal balance of you mortgage. (call your mortgage lender and ask for the current payoff amount.):

Enter the amount of your monthly mortgage payment:

Enter your mortgage's current interest rate:

Enter interest rate you will be refinancing:

Enter the number of years you will be refinancing:

Enter the closing costs that will be required for refinancing (if you are not sure, multiply your current balance owed by .03):

This is how much your monthly payment will be it you refinance:

Monthly Savings:

Number of months to break ever on closing costs:

This is how much interest you will pay under your current monthly payment plan:

This is how much interest you will pay under your refinanced monthly payment plan:

This is how much interest you will save if you refinance:

Net Refinancing Savings (interest savings less closing costs):

Summary of your refinance:



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