Second Mortgage Calculator – Refinance & Consolidation To Save

This second mortgage calculator figures the savings from refinancing and consolidating your old 1st and 2nd mortgages into a single loan.

This calculator shows you the monthly payments, how much you will save in interest from the refinance/consolidation, and it figures how long it takes to break even on the closing costs.

Please note: Don't include the escrow portions of your monthly payment (taxes, insurance) - just include principal and interest.

First Mortgage
Balance due on first mortgage ($): (call mortgage lender for payoff amount)
Current monthly mortgage payment ($): (principal and interest portion only)
First mortgage interest rate (%):
Second Mortgage (Optional)
Second mortgage balance due ($): (call mortgage lender for payoff amount)
Second mortgage monthly payment ($): (principal and interest portion only)
Second mortgage interest rate (%):
Refinance - Consolidation
Interest rate you will be refinancing at (%):
Refinanced loan term (# of years):
Expected closing costs  percentage points dollar amount  : (Input points as "2" or dollar amount is .02 times principal)
Will you finance these closing costs?	No Yes
This is the new monthly payment if you refinance:
Monthly payment (decrease)/increase:
Number of months for interest savings to repay closing costs:
Total interest costs with current first and second mortgages:
Total interest costs after refinance - consolidation:
Interest savings from refinance - consolidation:
Net Refinancing Savings (interest savings less closing costs):

Click here for information and term definitions