The calculator below is meant to help you determine whether it is cost effective for you to refinance your existing loan. The left side of the calculator is designed to compare your existing loan with a new loan. The right side of the calculator will calculate the total costs of the loan and return how many months it will cost you to recoup the costs of the new loan.

Do not enter the ($) sign. (*) indicates a required field. The fields inside the RED border will automatically total for you as you enter your information so there is no need to enter any figures in these fields.

Will I save money if I		What will this loan cost and how
refinance my existing loan?		long will it take to recoup the cost?
* Original loan amount * Current loan term (Yrs.) * Current interest rate * New interest rate  * New loan term (Yrs.) . Negative # = Cost - Positive # = Save   Current Monthly pymt.   New Monthly pymt.   Difference in payment   Interest on current loan   Interest on new loan   Difference in interest     If the new loan above has a higher interest rate and/or shorter term, the computed totals may return a negative figure in the "Difference in payment" box. This would make the "Months to recoup costs" at the right also return a negative figure. If your new loan won't save you money, there is no way to recoup the costs of the loan.		Points Paid (i.e.: 1.5)   Application fee    Appraisal fee    Credit Report    Processing fee    Title Search    Title Insurance   Escrow fee    Underwriting fee   Document Prep. fee   Local Taxes, etc.   Attorney's fees   Inspections   Other Costs  . Check Results Below   Cost of Points Paid   Total Costs   Months to recoup costs