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Refinance Calculator

Refinance Calculator*

Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
Enter your mortgage's current interest rate:
Enter interest rate you will be refinancing:
Enter the number of years you will be refinancing:
Enter the closing costs that will be required for refinancing:
(If you're not sure, multiply your current balance owed by .03 )

This is how much your monthly payment will be if you refinance:
Monthly Savings:
Number of months to break even on 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):

*Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice or a guarantee of credit. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
⚠️ Fraud Alert ⚠️ Fake Check Scam: If you have received a cashier’s check that appears to be drawn on First Castle Federal Credit Union, do not deposit the check. Do not send any money that may be indicated in the instructions with the check. The cashier’s check may be a counterfeit cashier’s check. Contact us at (985) 867-8867 to report receipt of the check and to verify its authenticity. Do not call any phone numbers that came with the check. Save any form of evidence associated with the check (i.e. package label, letters, text messages).
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