Mortgage Refinance Calculator

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. 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.
Enter the principal balance of your mortgage:(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:(principal and interest portion only)
Enter the your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs that will be required for refinancing:

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):

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EXISTING LOAN INFORMATION
Balance on 1st Mortgage
Monthly Payment
Balance of 2nd Mortgage
Monthly Payment on 2nd Mortgage
MY INFORMATION
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(If Yes continue or if No drop down to Employment Information)
CO-APPLICANT/SPOUSE INFORMATION
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Work Phone
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CO-APPLICANT/SPOUSE EMPLOYMENT INFORMATION
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I understand that the information provided by myself and or co-applicant to Anchor funding Inc does not constitute loan approval. I hereby authorize Anchor funding Inc to contact me via telephone or email.
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