Use this calculator to estimate the advantages or disadvantages of refinancing.

To use the calculator, enter the following information:

Input Information: Amount (of mortgage), Interest Rate (before and after refinancing), Length of mortgage (in years), number of Months paid, and number of Years Before You Sell.
Fees and Points: Points, Originations Fees and Closing Costs.
Your Tax Rates: Income Tax Rate and State Tax Rate.

Some information that the calculator will compute:

Total Benefit (Savings - Losses - Closing)
Tax Savings Losses
Total Interest Paid
Monthly Payment Savings

The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.