Well you have probably heard about it on the radio or maybe seen it on the television, interest rates are still at some of the lowest rates that the real estate business has seen in over the last 40 years. Everybody knows that interest rates will not stay this low forever, so there has never been a better time to look at your current loan to see if refinancing your mortgage can save you money. Chances are if you have a mortgage over 7 - 10 years old you can refinance your mortgage, cut the term of your mortgage, and still pay a lower monthly payment. That is how much interests rates have fallen over the last 6 years.

If your are unfamiliar with the term "refinancing" or don't quite understand how "refinancing" can help you let me explain how refinancing works. When you refinance your home mortgage loan, you can replace your existing loan with a loan of the same amount, but with a lower interest rate. A home loan refinance online can immediately save you hundreds, or even thousands of dollars. You can use the savings to take some cash out to use for home improvements, a new car, a vacation - anything you need!

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.