Why should I refinance and when does it pay to do so?

Mortgage Refinancing Worksheet

Use this worksheet as a guide to help you:

  • estimate a refinanced mortgage payment amount (Step 1) and to
  • help you determine if it's worth your while to refinance your existing mortgage (Step 2).

Step 1: Calculate your new, refinanced mortgage

Step 1 equation

Step 2: Calculate whether it makes sense to refinance

Step 2 equation