This calculator will help you to decide whether or not you should refinance your current mortgage at 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.

Refer to the Bank of Canada for the latest interest rates.

* BOLD TEXT denotes a required field

PRINCIPAL BALANCE OF MORTGAGE
MONTHLY MORTGAGE PAYMENT
CURRENT INTEREST RATE
NEW INTEREST RATE
NUMBER OF YEARS FOR REFINANCING
REFINANCING CLOSING COSTS
MONTHLY PAYMENT AFTER REFINANCING
MONTHLY SAVINGS
NUMBER OF MONTHS TO BREAK EVEN ON CLOSING COSTS
INTEREST PAID UNDER CURRENT MONTHLY PAYMENT PLAN
INTEREST PAID AFTER REFINANCING
INTEREST SAVED AFTER REFINANCING
NET REFINANCING SAVINGS (interest savings less closing costs)
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