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This calculator will help you to decide whether or not you should refinance your current mortgage to reduce your monthly payment, to take out cash or for any other reason. Not only will this calculator calculate the new monthly payment and net monthly payment reduction, but it will also calculate how many months it will take to break even on the closing costs. If you want to refinance CURDATE() click on I WANT TO REFINANCE CURDATE(). 

Mortgage Refinancing Calculator
Please do not enter commas (,) or dollar signs ($)  Estimate an answer if you are not sure 
What is your primary reason for wanting to refinance? 
How long do you plan on owning your property? 
Enter the estimated value (selling price) of your property  
Enter the remaining principal balance of your mortgage 
Enter your monthly mortgage payment for principal and interest
Enter your mortgage's current interest rate
Enter interest rate you will be refinancing at
Enter the number of years you will be refinancing for
Enter the closing costs that will be required for refinancing
Enter the amount of cash you want to take out (include closing costs) 

         

This is your new monthly payment
Monthly payment reduction
Number of months to break even on closing costs
Amount of new loan
Loan to value ratio