Refinance Savings Calculation

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. It will calculate the monthly payment and net interest savings, and also the number of months it will take to break even on the refinance costs.

Enter the principal balance of your mortgage (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 as a rand amount, calculating the following, if applicable:

Bond Cancellation Fee	approx. R 700.00
New Bond Registration
Penalty Fees

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):