Refinancing your mortgage is one of the six powerful (and low-risk) financial maneuvers that people can execute in their own financial plans to accelerate the path to wealth. I actually refinanced my mortgage recently again, saving almost $300 per month. I used this tool to help me. This simple mortgage refinance calculator can help you too.
The numbers don’t lie. If it makes sense to refinance, it’s worth the hassle. Be sure to factor in the all the closing costs (and make sure they are clearly disclosed by your lender).
Using this tool is a quick and easy way to see how much savings a refinance can provide to you and your family. The inputs and side-by-side comparison keep it simple and the result tells you if it makes sense to refinance.
I’ve also included a mortgage rate estimation widget to show you some ballpark mortgage and refinance rates. If you can save more than $200 with refinancing, and the payback period is 1-2 years, and you plan to stay in your house for more than 3 years, it likely makes sense to investigate further. The second widget provides some vendors that may be able to help.
Thanks for checking out this mortgage refinance calculator. Click here to read about a few other calculators available on Retire Before Dad.