Should I Refinance ?   Instructions Enter current mortgage, home, and refinance information. This calculator analyzes the total cost and savings of your refinance transaction as well as principal balance when you sell your home and break even periods. Mortgage Information  Current Balance($)  Current Rate(%)  Current Loan Term (years)  Current P&I Payment($) Home Information  Years Before Sell Refinance Info  Loan Amount($)  Interest Rate  Refi Term (years)  Loan Points(%)  Loan Costs($)     Results Payment Analysis Current Payment: $ 583.24 Refinance Payment: $ 529.68 Monthly Savings: $ 53.56 Financial Analysis (in 5 years at projected sale time) Orig Loan Balance: $ 90,523 Refi Loan Balance: $ 89,488 Benefit: $ 1,035 Costs to Refi: $ 2,973 Total Costs to Refi: $ 1,938 Analysis Based on your current and calculated mortgage payments, this calculator figures your monthly savings. It also compares your principal balance of your existing loan in 5 years to the loan balance of the potential refinanced loan. Our calculations estimate the following: To break even on the fee related costs of $2,973, it will take an estimated 4 Years, 7 Months given your monthly payment savings of $53.56. By refinancing you will lower your mortgage balance by $1,035 at the time of sale. The time value of money and income tax deductions are not considered in this refinance calculation. If you plan to keep the home for a duration greater than the number of years it would take to break even then it is advised to refinance. These calculations are only estimates and should not be used to determine actual loan costs. Please consult your tax advisor for information on the deductibility of interest for tax purpose. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.