HCT Bank - Helping You Refinance Second Mortgage Loan Calculator
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Refinance Interest Savings Calculator

How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.

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Appraised home value
Current market value of your home.

Original loan amount
Total amount for your original mortgage.

Original rate
Annual percentage rate of your original mortgage.

Original term in years
The total number of years for your original mortgage.

Number of payments made
The total number of payments you have made on your original mortgage.

Annual property taxes
Your annual property taxes.

Annual home insurance
Your annual homeowner's insurance premium.

Monthly PMI
The amount you pay each month for PMI. This is usually between 0.5% and 2% annually of your loan amount if you have less than 20% equity in your home.

Current PITI
Current monthly Principal, Interest, Taxes and Insurance payment.

New rate
Annual percentage rate of your new mortgage.

New term
The total number of years for your new mortgage.

New mortgage balance
Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.

Closing costs
Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).

New monthly Principal, Interest, Taxes and Insurance payment.

New loan to value
Total loan amount divided by the appraised value of your home.

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