IDB-IIC Federal Credit Union
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Financial Calculators

Mortgage Refinance Calculator


Should I refinance my mortgage loan?

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Principal balance of your mortgage
Monthly mortgage payment
Interest rate of current mortgage
Interest rate of new mortgage
Number of years refinancing for
Refinancing closing costs

Your new monthly payment:
Monthly savings:
Months to break even on closing costs:
Interest under the old mortgage:
Interest under the new mortgage:
Interest savings:
Net refinancing savings:


*Calculator provides general estimations only. Inconsistencies may occur with the use of the calculator and the outcomes are not credit guarantees. For specific payment and interest information, please contact us.

 
National Credit Union AdministrationYour savings federally insured to at least $250,000 and backed by the National Credit Union Administration, a U.S. Government agency.