This mortgage calculator will show you the amount of money you can save by refinancing and whether the cost of refinancing exceeds the savings.

Your Current Loan
Your current loan balance	?
Your current payment (Principal  interest only)	?
Your current interest rate	?
Current term (usually 30 or 15 years)	?
Your new loan
How many years will you stay in the home	?
The new interest rate	?
The new term (usually 15 or 30 years)	?
How many points (Enter 0 if no points)	?
Closing costs (one lump sum)	?
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Old loan payment	?	$ 948.10
New loan payment	?	$ 854.93
Saving per month	?	$93.15

Since it will cost you  $2,965.00  in closing costs and fees, it will take   2.66   years or (32  months) for you to break even. Over the 7   years, this loan will save you  $4,860.92