This mortgage calculator will compare your existing home mortgage with a new loan that you are considering. It will compute how long it will take to break even on the new loan.
- Remaining loan balance - this will be listed on your mortgage statement or you can obtain this amount by calling your current lender.
- Current interest rate - annual interest rate for the current loan. If this is not on your monthly statement, you may need to look at your original loan papers.
- Years left on current loan - how many years does your mortgage have left?
- Current payments / year - how many payments do you make per year (12 if you pay once a month or 26 for biweekly)
- Current monthly payment - how much is the principle and interest portion of your current monthly payment? This can be found on your current mortgage statement.
- Total Loan Fees - these are all of the closing costs including any points for the loan. Use our closing cost calculator for a better estimate.
- New interest rate - this is not the same as APR.
- New loan term - how many years will payments be scheduled for the new loan.
- Payments / Year - how many payments will you make per year (12 for monthly or 26 for biweekly)