MD Banking Referral Service Calculators

Mortgage refinance calculator

Mortgage Refinance Interest Savings (Canadian)

How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with new loan amortization, rate and closing costs. We will then determine how much interest refinancing can save you.

This Financial Calculator requires SUN's JavaT Plug-in. If you see this message you will need to download SUN's JavaT Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

    You can also get SUN's JavaT Plug-in here: Get the JavaT Plug-in!

    For more information about this Plug-in please visit: SUN's JavaT Plug-in
    For more information about these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Original mortgage balance
Total amount for your original mortgage.

Original rate
Annual percentage rate of your original mortgage.

Original amortization
The total number of years for your original mortgage.

Number of payments made
The total number of payments you have made on your original mortgage.

New rate
Annual percentage rate of your new mortgage.

New amortization
The total number of years for your new mortgage.

New mortgage balance
Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. All closing costs and prepayment penalties are assumed to be paid at the time of closing. These additional costs are not added to your new mortgage balance.

Closing costs
Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).

Prepayment penalties
Some mortgages require you to pay a penalty if the mortgage is paid off early. If you current mortgage has a penalty for prepayment, enter that amount here. Your prepayment penalties are assumed to be an additional cost that is paid at the time of closing.

Breakeven point
The breakeven point occurs when your interest savings equals your additional closing costs and prepayment penalties. If you have no closing costs or prepayment penalties, there is no breakeven point.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



Java Runtime Environment is required to use our calculators and simulators.
Download Java Runtime Environment now:
Windows (98, 2000, ME, XP)
Macintosh (Apple Mac OS X)
Macintosh (Apple Mac OS 9 & earlier)


Show/hide the list of definitions


These calculators are made available to you as self-help tools for your independent use, and are not intended to provide financial advice. Calculation results are approximations, and are for informational purposes only. Calculations assume that the interest rate remains constant over the entire amortization period, but actual interest rates may vary over the amortization period depending on the mortgage type. Interest is compounded semi-annually, not in advance.


Calculators home


Meet with your MD advisor to incorporate borrowing advice and home financing solutions into your integrated wealth management strategy.

1Banking products are provided by National Bank of Canada's Partnership Branch through a relationship with MD Management Limited.