Dakota Plains Credit Union -Mortgage Consolidation & Refinancing Calculator

Mortgage Consolidation & Refinancing Calculator
This calculator will help you to decide whether or not it would be advantageous for you to consolidate a first and second mortgage and refinance into a single mortgage with a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs. Note: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).

First Mortgage
Enter the principal balance of your first mortgage: (call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment: (principal and interest portion only)
Enter your first mortgage's current interest rate
Second Mortgage
Enter the principal balance of your second mortgage (call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment (principal and interest portion only)
Enter your second mortgage's current interest rate:
Refinancing
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?

This is how much your monthly payment will be if you refinance
Monthly Payment Reduction
Number 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)


Disclaimer Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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