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Refinance Calculator

This calculator will help you decide whether it will pay to refinance. It requires JavaScript.

Original Loan
Balance rate P&I payment
$ $

New Loan
Balance rate closing cost P&I payment
$ $ $

monthly saving months to breakeven

Some comments:

  • This analysis assumes that both your current loan and new loan are 30-year mortgages
  • This analysis ignores taxes. The monthly savings from refinancing are lower on an after-tax basis than the pre-tax savings shown by the calculator; upfront points paid for refinancing may be tax deductible.


You must enter all of the following:

  1. The original amount of your mortgage, say 125000, under Original Loan Balance
  2. The interest rate on your original mortgage, say 9.5
  3. The current amount of your mortgage, say 118500, under New Loan Balance
  4. The interest rate on a new mortgage if you refinance
  5. The closing costs on your new loan (points, fees for application, title search attorneys, appraisal, etc.)

Click on compute, and the calculator will figure your principal and interest (P&I) payments, how much you would save each month, and how many months it would take to break even.

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We do not offer legal advice. All information provided on this website is for informational purposes only and is not a substitute for proper legal advice. If you have legal questions, we recommend that you seek the advice of legal professionals.

Tax Disclaimer: To ensure compliance with IRS Rules, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer under the Internal Revenue Code, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.

Copyright 2017 Wink Tax Services / Wink Inc.
Last modified: January 30, 2017