Refinancing Calculator

...understand when it makes sense to refinance.

Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Copyright 1998 - Dan Peterson
Enter the principal balance of your mortgage: (check your current statement)
Enter the amount of your monthly mortgage payment: (enter principal and interest payment only)
Enter your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for: (typically 15, 20, 30 years):
Enter the closing costs that will be required for refinancing: (ask us about our 0 points, no cost programs)

This is how much your monthly payment will be if you refinance:
Monthly Savings:
Number of months to break even on closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):

Apply Now

Chicago Bancorp
Illinois Residential Mortgage Licensee: License #: 4543
300 N. Elizabeth Street
Chicago, IL 60607
Telephone: 312-738-8500
Fax: 312-738-6001