People's Community Federal Credit Union


Mortgage Refinance Calculator

Should I refinance my mortgage loan?

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Monthly mortgage payment (Principal & Interest Only):
Current interest rate:
Interest rate you will be refinancing at:
Number of years you will be refinancing for:
Closing Costs:
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
Monthly payment if you refinance:
Monthly Payment Reduction:
Number of months for interest savings to offset closing costs:
How much interest you will pay under your current monthly payment plan:
How much interest you will pay under your refinanced monthly payment plan:
How much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):

*Calculator provides general estimations only. Inconsistencies may occur with the use of the calculator and the outcomes are not credit guarantees. For specific payment and interest information, please contact us.

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