Consolidate or Refinance Mortgage Calculator
Consolidate or Refinance Comparisons

This calculator illustrates the difference in two financing strategies: refinancing a single mortgage or consolidating a first and second mortgage into a single mortgage. The calculator will highlight monthly payment, net interest savings, and the time period required to breakeven on any increase in closing costs. Include only the principal and interest portion of your monthly mortgage payment.

First Mortgage
Unpaid principal of first mortgage *
Monthly Mortgage Payment (principal and interest only) *
Interest rate *
Second Mortgage
Unpaid principal of second mortgage
Monthly Mortgage Payment (principal and interest only)
Interest rate
Refinancing
Interest rate of refinancing *
Term (years) of refinancing *
Closing costs (% points)*
Financing the closing costs?

  
  
  
 
  
  
  

Monthly Payment if refinanced
Monthly payment change
Time to offset closing costs by interest savings
Interest paid under current monthly payment plan
Interest paid under refinanced monthly payment plan
Interest saved if refinanced
Net refinancing savings (net of closing costs)

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