Monthly Payment Calculator - Refinance Is a refinance right for you? A refinance can be a great way to lower your monthly payment or shorten your loan term. When making the decision to refinance, it’s important to make sure that you’ll “break even” on your closing costs before you plan to sell your home. To do this, you’ll need to estimate how long you plan on staying in your home. Then, calculate your new payment and figure out how long it would take your monthly savings to make up for what you would pay in closing costs. A refinance may make sense for you if you’re planning to stay in your current home long enough to break even. Use our refinance calculator to determine your monthly mortgage payment. Estimate your taxes and insurance (and home owners association dues, if applicable) to ensure these amounts are included in the payment calculation. If you think a refinance is right for you, contact one of our loan professionals for a free consultation. Monthly Payment Calculator: Refinance Refinance Amount Interest Rate Term (years) Annual Taxes Homeowner Insurance (annually) Homeowner Assoc. Dues (annually) Year Interest Principal Balance Year Interest Principal Balance