LittleAfrica.Com Refinancing Calculator

When you refinance at a lower interest rate, you usually pay refinancing costs including points, fees, and other costs. This calculator will tell you if the amount you save in interest will exceed these refinancing costs.

For help with a particular item, click on the "?" next to the item.

Existing Loan
Remaining balance on your current loan:	$
Current monthly payment:	$		(Principal & Interest)
Current rate:		%
New Loan
New rate:		%
Points:		%
Fees and closing costs:	$
New term:		months
Other Information
Your income tax rate: ?		%
Your investment rate of return: ?		%
How long will you keep this property: ?		months

	Current Loan	Refinance	Savings
Monthly Payment	$ 1,200.00	$ 1,200.00	$ 0.00
Origination Cost	$ 0.00	$ 1,000.00	$ -1,000.00
Loan Term (months)	130	113
Total Loan Cost (PV)*	$ 107,377.66	$ 100,856.04	$ 6,521.62

^* NOTE: The total loan cost figure is actually the present value of all the payments for each loan, using the investment rate of return as a discount rate.

If you would like to view a payment schedule, including interest, principal, and remaining balances for each payment, please select which schedule you would like to see.

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The information provided by these calculators are estimates based on the information entered and may vary from your actual loan, mortgage, investment or savings results. The calculated results are not guaranteed to be accurate and are in no way endorsed, offered or guaranteed by LittleAfrica.Com.