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Mortgage Consolidate Refinance Calculator

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With interest rates at near and all time low many people are considering if it is advantageous for them to refinance their current mortgage. They may also be considering if a consolidation loan to combine a first and second loan into a single mortgage.

The free financial calculator will give you financial help and advice to determine the monthly payment and net savings (if any). It will also calculate how long it will take to recover you closing costs in getting the new loan (if any). The freest thing here is our free financial help.

The calculator is a bit involved. Make sure when you enter your monthly payments that they are your principle and interest payments. Do not add in taxes, monthly PMI, private mortgage insurance and other monthly fees.

Always consult with an expert when making long term decisions. If entered properly will at least give you an answer to if the refinancing or consolidation is worth it.

Mortgage Consolidation & Refinancing Calculator
This calculator will help you to decide whether or not it would be advantageous for you to refinance either a single mortgage, or the consolidation of a first and second mortgage, into a single mortgage. Not only will this calculator calculate the monthly payment and net interest savings (if applicable), but it will also calculate how many months it will take to break even on the closing costs (if applicable).

Note: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).

First Mortgage
Enter the principal balance of your first mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter your first mortgage's current interest rate:
Second Mortgage (Optional)
Enter the principal balance of your second mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter your second mortgage's current interest rate:
Refinancing
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
This is how much your monthly payment will be if you refinance:
Monthly payment (decrease)/increase:
Number of months for interest savings to offset 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):
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