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Notes: This version will handle the refinancing of either a single mortgage, or the consolidation of a first and second mortgage, and will allow refinancing at a higher rate than the rate on the mortgage(s) being refinanced.
Question: Should I consolidate my first and second mortgage and refinance into a single mortgage?
Mortgage Consolidation & Refinancing Calculator V1.2
This calculator will help you to decide whether or not it would be advantageous for you to refinance either a single mortgage, or the consolidation of a first and second mortgage, into a single mortgage. Not only will this calculator calculate the monthly payment and net interest savings (if applicable), but it will also calculate how many months it will take to break even on the closing costs (if applicable).

Note: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).

First Mortgage
Enter the principal balance of your first mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter your first mortgage's current interest rate:
Second Mortgage (Optional)
Enter the principal balance of your second mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter your second mortgage's current interest rate:
Refinancing
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
This is how much your monthly payment will be if you refinance:
Monthly payment (decrease)/increase:
Number of months for interest savings to offset 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):
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