Enter the balance of your current mortgage (ask your mortgage lender for the current payoff or look at your latest statement): Enter your current monthly mortgage payment: Enter your current mortgage's  interest rate: Enter the interest rate you can refinance at: Enter the number of years you can refinance at: Enter the closing costs that you will be paying to refinance: This is  your new monthly payment if you refinance: Monthly Savings: This is how much interest you will pay under your current mortgage: This is how much interest you will pay under your new refinanced mortgage: You will save this much interest if you refinance and keep the new mortgage to term: Net Refinancing Savings (interest savings minus closing costs):