Consolidation Calculator

This calculator will help you to decide whether or not it would be advantageous for you to consolidate a first and second mortgage and refinance into a single mortgage with 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. 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

Principal balance of your first mortgage:

Amount of your monthly mortgage payment:

Your first mortgage's current interest rate:

Second Mortgage

Principal balance of your second mortgage:

Amount of your monthly mortgage payment:

Your second mortgage's current interest rate:

Refinancing

Interest rate you will be refinancing at:

Number of years you will be refinancing for:

Closing costs:

Would you like to finance the closing costs?

Monthly payment will be if you refinance:

Buying: $0.00

Your Monthly Savings will be:

Buying: $0.00

Refinance Monthly Payment $0.00

Monthly Savings $0.00

Break Even (Months) 0

Current Interest Cost $0.00

Refinance Interest Cost $0.00

Interest Savings $0.00

Net Savings $0.00

* Note: The calculator above uses these items in its calculations: private mortgage insurance, homeowner's insurance cost, loan closing cost, cost of selling a home, property tax, homeowner's tax saving, and rent increases. Calculator results are estimates only.