This refinance calculator makes it easy to determine your potential savings from refinancing your mortgage. It lets you takes into account such things as taxes and private mortgage insurance (PMI), so you can get a precise estimate of your true savings. It also lets you calculate your break-even point for a variety of different costs, so you can see how quickly you'll recover the up-front costs of refinancing.
Use the top portion to enter the information from your current mortgage, then the "new mortgage" section immediately below to enter the figures for refinancing. PMI, if needed, is calculated automatically. Use the sliding scales to see how changes in interest rate, loan term, discount points, closing costs or other factors would affect your savings.