There are a number of reasons for refinancing a mortgage, but the most common reason is to obtain a lower interest rate and lower monthly payments. In this case, refinancing makes sense only if you can lower your total mortgage costs (including the costs of refinancing) over the time you intend to remain in that home.
Use this calculator to determine if you should consider refinancing your mortgage.
Change the numbers in each input field by entering a new number or adjusting the sliders. After entering your data into each input field, the calculator results will automatically update the summary statement and chart.
