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Mortgage Consolidation Refinancing Calculator
Unsure if you should consolidate a first & second mortgage into a single monthly payment? Use this calculator to compare your options and figure out which approach will save you more in interest expenses along with how long it will take for a refi to save you enough money to cover the additional closing costs. Please note this calculator relies on figuring out the capital portion of your mortgage payment (principal & interest) but does not account for the other parts of your loan since any insurance, maintance, taxes & HOA fees should be the same in most cases. Please only enter the P&I portion of your monthly loan payments below.
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| First Mortgage Information |
| First Mortgage Loan Balance: |
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| Monthly P&I Payment on First Mortgage: |
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| Interest Rate (APR %) on your First Mortgage: |
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| Second Mortgage Information |
| Second Mortgage Loan Balance: |
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| Monthly P&I Payment on Second Mortgage: |
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| Interest Rate (APR %) on your Second Mortgage: |
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| Home Refinancing Information |
| Refinancing Interest Rate (APR %): |
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| Refinancing for ___ Years: |
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Closing Costs
(usually # of points is either "1" or "2" while the dollar amount is 0.01 or 0.02 times the loan principal) |
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| Finance Your Closing Costs in Loan? |
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| Refi Monthly Payment: |
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| Monthly Payment Reduction: |
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| Months for Refi Savings to Offset Closing Costs: |
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| Interest Due on Current Loans: |
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| Interest Due if Refi: |
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| Refi Interest Savings: |
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| Net Refinancing Savings (interest savings less closing costs): |
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