Mortgage calculator Where to start
Most people refinance mortgage loans in order to save on their monthly payments. To determine how much you would save, subtract the anticipated new monthly payment from the loan payment you make now. You will then need to calculate what the actual refinance will total. Just like when you obtained your original mortgage, you will have bank fees, documentation and title costs, attorney fees and appraisal costs. The next step is to figure out your "break even point," or when you will actually start saving each month.