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Mortgage Refinance Calculator

This calculator will help you decide whether or not to refinance your current mortgage. You'll also be able to view net savings and how many months it will take to break even on the closing costs.
Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal & interest only)
Enter your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs:
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
Stop here after completing the above and click the 'Calculate' button to view results.
This is how much your monthly payment will be if you refinance:
Monthly Payment Reduction:
# of months for interest savings to offset closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):

NOTE: This calculator is intended to provide general estimates for informational purposes only. It is NOT intended as a disclosure or offer of credit. Lender calculations and your actual payments may vary.

Sebasticook Valley FCU serves Penobscot, Somerset and Waldo Counties.

This credit union is federally insured by the National Credit Union Administration.

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