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Calculators Refinance Calculator Here's a quick way to calculate whether refinancing makes sense. This calculator uses fixed rates only because adjustable rate mortgages provide for interest rate and payment changes throughout your loan. See a loan officer for help calculating what you may save with a new adjustable rate mortgage. Current monthly mortgage payment: Outstanding loan amount: Amount of your monthly payment for taxes and insurance: (Check your monthly mortgage bill or other loan documents; remember to include private mortgage insurance if applicable.) Number of years you'd like to finance: 30 25 15 10 Interest Rate:     Your approximate new monthly payment would be: The number of years of living in your home for refinancing to pay for itself: (based on average closing costs of $1,400 plus points, depending on your area and loan size) Remember, closing costs can often be financed into the loan amount.