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Should you Refinance your Mortgage? Use the Refinance Calculator to find out! Whenever interest rates drop, the appeal of refinancing your mortgage grows. But it's important to know the real costs - and potential savings - before making a move.To help, we offer this easy-to-use, interactive refinancing worksheet. Homeowners can see how their existing mortgage payments might change if they were to refinance, and just as important, how long it would take to recover any closing costs associated with refinancing. Instructions: Just fill in the non-colored boxes with the requested information. As you tab or mouse-click through the boxes, your results will appear automatically in the colored boxes. You can change any of your entries, in case you want to try several different scenarios, but you must tab or mouse-click to another box to update your results. Prepaying: if you want to see the effect of prepayments on a mortgage, we recommend you download The Home Buyer's Calculator for Windows. It's free, courtesy of Wheatworks Software. Information on your CURRENT mortgage What was the month in which this mortgage originated? January February March April May June July August September October November December What was the year in which this mortgage originated? What was the original amount of this mortgage? What is the term of this mortgage? year What is the interest rate? Information on your NEW mortgage What is the mortgage amount? (The value at right is the calculated amount you currently owe) What is the term of this mortgage? year What is the interest rate? What are your estimated closing costs including any points paid up front? The Results Your current monthly payment is Your new monthly payment will be If you refinance now, your monthly payments will be reduced by It will take this long to "break even," or recover closing costs on the new mortgage Mortgage analysis CURRENT Loan NEW Loan Number of payments made so far Number of remaining payments at refinance date Total interest paid as of refinance date Total unpaid interest at refinance date << Back to Main Finance Page << Back to GreekBoston Homepage