Loan Cost Calculator

    
                         

Will I save money if I refinance?

How long will it take to recoup the cost?

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. The astorisk(*) indicates a required field. The total fields will automatically total for you as you enter your information.

Will I save money if I What's my cost and how long
refinance my existing loan? 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
  Mo.'s to recoup costs
   

 

  
 
 
 
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