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. ( * ) indicates a required field. The fields inside the RED border will automatically total for you as you enter your information so there is no need to enter any figures in these fields.
 

Will I save money if I

 

What will this loan cost and how

refinance my existing loan?

 

long 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

  Months to recoup costs

     

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