The amount time it takes to breakeven on the costs of obtaining a new home loan depends on a variety of factors.  These factors will include the interest rate on the existing home loan, the new loan interest rate, closing costs and how long you plan to stay in your home.  Using this mortgage calculator allows the user to sort through the numbers and determine if refinancing an existing mortgage is a sound financial decision.  When refinancing use this calculator and the mortgage payment calculator to be sure and pay attention to the interest rates and closing costs.  A lender might be able to provide you with a lower monthly payment through mortgage refinancing with their company, but this does not automatically make that the best loan choice.

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