I found this simple to use refi calculator on Realtor.com. If you’re looking for a great refinance calculator, look no further. This one does it all and even tells you how long until your break even point on the new loan!
It’s strange to think about 5.65% APR interest suddenly being high after so many years. Now that mortgage rates have tumbled so low, it is cheaper to finance most home purchases than a new car with good credit. If you’ve got the time, it might not be a bad idea to look into doing a refi to see if you’d save a lot of money. My family and I just did and we’re saving $463 a month.