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Mortgage Consolidation & Refinancing Calculator

This calculator will help you to decide whether or not it would be advantageous for you to refinance either a single mortgage, or the consolidation of a first and second mortgage, into a single mortgage. Not only will this calculator calculate the monthly payment and net interest savings (if applicable), but it will also calculate how many months it will take to break even on the closing costs (if applicable).


First Mortgage
Principal balance of your first mortgage ($):
(Contact your lender and ask for the current payoff amount.)
Monthly mortgage payment ($):
(Principal and interest portion only)
First mortgage's current interest rate (%):
Second Mortgage (Optional)
Principal balance of your second mortgage ($):
(Call your mortgage lender and ask for the current payoff amount)
Monthly mortgage payment ($):
(Principal and interest portion only)
Second mortgage's current interest rate (%):
Refinancing
Interest rate at which you will be refinancing (%):
Number of years you will be refinancing for (#):
Closing costs :
Would you like to finance the closing costs?
Your monthly payment amount if you refinance:
Monthly payment (decrease)/increase:
Months before interest savings offset closing costs:
Interest you'll pay under current monthly payment plan:
Interest you'll pay with your refinanced payment plan:
This is how much interest you will save if you refinance:
Net Savings (interest savings less closing costs):

This calculator and others on this site are provided without warranty regarding their accuracy or applicability to your individual circumstance. They are for your personal use and are not intended to replace professional financial advice.