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A Mortgage Refinance Calculator to Help You Decide if You Should Refi!

October 2nd, 2011 by 
PK

Conceptually, it's easy to grasp why and when you should refinance your mortgage. In practice, inertia is the main reason people hold back from refinancing.  With that in mind, we present this mortgage refinance calculator which will allow you to see how your current mortgage will compare with the mortgage you are considering.

Simple Mortgage Refinance Calculator

The simplest refinancing plan is to take your current mortgage and to refinance into a different mortgage while continuing to pay the amount due.  There can be two strategies here - minimize your payments or pay the least amount of principal over time.

The mortgage refinance calculator also attempts to factor in taxes, but it is just a rule of thumb - remember that you also have to have itemized deductions in excess of the standard deduction, and interest may be enough to change your tax bracket.

Please let us know if you liked this super simple mortgage refinance calculator, or if it'd be better served with more features.  If the latter, we're all ears - let us know in the comments, and we'll see what we can do!

We'd like to thank Hugh Chou for compiling the equations that we needed to create this calculator, and Ironman at Political Calculations for providing the calculator framework.

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