The following mortgage calculator will allow you to easily find the number of months and/or the number of years it would take to breakeven on your refinance investment (number of months and/or years at the new discounted payment to recoup the closing costs), as well as what your new mortgage payment would be.  This calculator will also provide you with the total savings you should expect over the life of the loan.  This spreadsheet tool is a must for everyone looking to refinance their home.  Let’s take a look at the following example:

Mortgage Calculator Refinance Breakeven

The values above are purely an example and for demonstrative purposes only.  Be sure to get a good faith estimate from your lender to ensure that the closing costs you think you will be paying are the actual closing costs you will be paying. A refinance tends to be much easier to acquire than a new mortgage.  Take advantage of this fact, even you have less than perfect credit, and shop around. Find a lender that doesn’t charge any points to procure the loan, and whose appraisal, survey and document fees are cheap, comparatively speaking.

The mortgage calculator refinance breakeven is in spreadsheet format and is free to download here:

 Mortgage Calculator Refinance Breakeven.xls provided by Personal Finance Resources

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