Consolidation Calculator
Tool
Consolidation Calculator
This calculator will help you decide whether or not it would be advantageous to consolidate a first and second mortgage and refinance into a single mortgage at a lower interest rate. It calculates the new monthly payment and net interest savings, and how many months it will take to break even on the closing costs. Note: only include the principal & interest portion of your monthly payments — leave out escrow (property taxes, insurance, etc.).
First Mortgage
$
$
%
Second Mortgage
$
$
%
Refinancing
%
30 years
%
Monthly payment will be if you refinance:
$0
Your monthly savings will be:
$0
- Monthly Payment
- Monthly Payment Reduction
| This is how much your monthly payment will be if you refinance: | $0 |
| Monthly Payment Reduction: | $0 |
| # of months for savings to offset closing costs: | 0 |
| This is how much interest you will pay under your current mortgages: | $0 |
| This is how much interest you will pay under your refinanced monthly payment plan: | $0 |
| This is how much interest you will save if you refinance: | $0 |
| Net Refinancing Savings (interest savings less closing costs): | $0 |
*Estimates only. Actual refinance terms, rates and closing costs will vary by lender.