# Should I Refinance?

Input
Mortgage Information
[97280] Current Balance(\$)
[733.00] Current Payment(\$)
[6.000] Current Rate(%)

Home Information
[130000] Home Value(\$)
[5] Years Before Sell

Refinance Info
[97280] Loan Amount(\$)
[6] Interest Rate
[30] Term in Years
[1.00] Loan Points(%)
[2000] Loan Costs(\$)

[Calculate]

Instructions
Enter current mortgage, home, and refinance information. This calculator analyzes the total cost and savings of your refinance transaction as well as principal balance when you sell your home and break even periods.

Results
Payment Analysis
Current Payment: \$733.00
Refinance Payment: \$583.24
Monthly Savings: \$149.76
Financial Analysis
Bal at Sale : \$90,523
Refi Bal at Sale : \$90,523
Total Costs: \$2,973
Break Even: 1 Yrs, 7 Mths

Explanation
Based on your current and calculated mortgage payments, this calculator figures your monthly savings. It also compares your principal balance in 5 years with and without refinancing. Based on your total cost to refinance, a break even period is calculated in relation to your monthly savings. The time value of money and income tax deductions are not considered in this refinance calculation.

These calculations are only estimates and should not be used to determine actual loan costs. Please consult your tax advisor for information on the deductibility of interest for tax purpose. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.

Based on your current and calculated mortgage payments, this calculator estimates your monthly savings if you refinance your current loan. It also compares your principal balance in 5 years with and without refinancing. Based on your total cost to refinance (the loan points and loan costs you entered above), a break even period is calculated in relation to your monthly savings. The time value of money and income tax deductions are not considered in this refinance calculation.