Refinancing Calculator 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: 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):