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Refinancing Calculator

When you refinance at a lower interest rate, you usually pay refinancing costs including points, fees, and other costs. This calculator will tell you if the amount you save in interest will exceed these refinancing costs.

For help with a particular item, click on the "?" next to the item.

Existing Loan
Remaining balance on your current loan: $
Current monthly payment: $ (Principal & Interest)
Current rate: %
New Loan
New rate: %
Points: %
Fees and closing costs: $
New term: months
Other Information
Your income tax rate: ? %
Your investment rate of return: ? %
How long will you keep this property: ? months

Current Loan Refinance Savings
Monthly Payment $ 1,200.00 $ 658.60 $ 541.40
Origination Cost $ 0.00 $ 1,000.00 $ -1,000.00
Loan Term (months) 130 360
Total Loan Cost (PV)* $ 105,346.24 $ 100,860.48 $ 4,485.76

* NOTE: The total loan cost figure is actually the present value of all the payments for each loan, using the investment rate of return as a discount rate.

If you would like to view a payment schedule, including interest, principal, and remaining balances for each payment, please select which schedule you would like to see.

Presented by
TimeValue Software
online financial calculators
for
North Shore Bank of Commerce

Powered by TValue ©1998-2006

The information provided by these calculators is for illustrative purposes only. The information entered may vary from your actual loan, mortgage, investment, or savings results. Interest rates are hypothetical and are not meant to represent any specific investment. Rates of return will vary over time, particularly for long-term investments. The calculated results are not guaranteed to be accurate and are in no way endorsed, offered or guaranteed by North Shore Bank of Commerce.
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