Evaluate if refinancing your mortgage makes financial sense
Refinancing replaces your current mortgage with a new one, typically to get a lower interest rate, change loan term, or tap equity. This calculator helps evaluate if refinancing makes financial sense by comparing costs and savings.
Monthly payment = P * [r(1+r)^n] / [(1+r)^n - 1], Savings = Current interest - New interest - Closing costs, Break-even = Closing costs / Monthly savings, ROI = Savings / Closing costs * 100
