Mortgage Refinance Calculator:
Should you refinance your mortgage?
The mortgage refinance calculator template lets you compare your current mortgage loan to a new one. It then displays the difference in payments, and the number of months it will take to recoup any closing costs.
Usage:
The template requires eight inputs:
- The original loan amount of your current mortgage
- The interest rate of your current mortgage
- The loan term (in years) of your current mortgage
- The total months you have already paid on your current mortgage
- The interest rate of your proposed mortgage
- The loan term (in years) of your proposed mortgage
- The points you will have to pay on your proposed mortgage
- Any other costs associated with your proposed mortgage (attorney, title, etc)
The template will calculate the following:
- Your current mortgage amount, which will be used to calculate the payment on your proposed mortgage
- Your current and proposed loan payments
- The difference in payments on your current and proposed loans
- The months to recover your closing costs (points + other costs)
Download Mortgage Refinance Calculator Template for Numbers
