Mortgage Consolidation & Refinancing Calculator V1.2

This calculator will help you to decide whether or not it would be advantageous for you to refinance either a single mortgage, or the consolidation of a first and second mortgage, into a single mortgage. Not only will this calculator calculate the monthly payment and net interest savings (if applicable), but it will also calculate how many months it will take to break even on the closing costs (if applicable). 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
Principal balance of first mortgage: (call your mortgage lender for current payoff amount)
Monthly mortgage payment: (principal and interest portion only)
Current interest rate (%):
Second Mortgage (Optional)
Principal balance of second mortgage: (call your mortgage lender for current payoff amount)
Monthly mortgage payment: (principal and interest portion only)
Current interest rate (%):
Refinancing Details
New interest rate (%):
Number of years:
Closing costs: (Typically 2 points or .02 times principal)
Finance the closing costs?

New monthly payment:
Monthly payment (decrease)/increase:
Months to offset closing costs:
Total interest (Current Plan):
Total interest (Refinanced):
Total interest savings:
Net Refinancing Savings:

Disclaimer: This calculator is provided for illustrative purposes only and does not constitute financial or legal advice. While we strive for accuracy, we do not guarantee the results. Users should verify all calculations with a qualified professional before making any financial decisions.

Written by Alan Noblitt

Alan Noblitt is the President of Seascape Capital, LLC, and works as both a real estate note buyer and a business note broker. Alan has an MBA from Arizona State University, a B.S. from the University of Wyoming, and is licensed as a California Real Estate Note Buyer.