The best of mortgage payment calculator
When you have a general idea of what your interest rate will be, decide how long a mortgage term you prefer, then use an online loan calculator to calculate what your monthly payments will be when you refinance. (The best length is equal to or less than the remaining term of your current mortgage. Otherwise, a longer term will let interest compound longer, adding extra money to the total and potentially offsetting the savings you would have seen from a refinance. ) Also calculate the difference between your current monthly payments and your monthly payments after the refinance. Then work out how much the fees and taxes of a refinance will add to the total.