Product Tours and Video Tutorials Financial Education Program

Mortgage Consolidation Calculator

This calculator will help you to decide whether or not it would be advantageous for you to consolidate a first and second mortgage and refinance into a single mortgage with 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.

NOTE: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).

Enter the principal balance of your first mortgage:
(call your mortgage lender and ask for the current payoff amount)

Enter the amount of your monthly mortgage payment:
(principal and interest portion only)

Enter your first mortgage's current interest rate:

Second Mortgage

Enter the principal balance of your second mortgage:
(call your mortgage lender and ask for the current payoff amount)

Enter the amount of your monthly mortgage payment:
(principal and interest portion only)

Enter your second mortgage's current interest rate:

Refinancing

Enter interest rate you will be refinancing at:

Enter the number of years you will be refinancing for:

Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)

Would you like to finance the closing costs?

This is how much your monthly payment will be if you refinance:

Monthly Payment Reduction:

Number of months for interest savings to offset closing costs:

This is how much interest you will pay under your current monthly payment plan:

This is how much interest you will pay under your refinanced monthly payment plan:

This is how much interest you will save if you refinance:

Net Refinancing Savings (interest savings less closing costs):

Business Banking | Personal Banking | Current Rates | Financial Tools | Learning Center & Resources

Locations | Contact Us | Site Map | Privacy Policy | Home | USA Patriot Act – Click Here

Temporary Full FDIC Insurance Coverage for Noninterest-Bearing Accounts Will Expire January 1, 2013.  Read More…

First Northern Bank & Trust | Fourth Street & Lafayette Avenue Palmerton, PA 18071

(800) 344-2274 | (610) 826-2239 Local | info@1stnorthernbank.com

©2014 First Northern Bank & Trust. All rights reserved. | Bank Website Design by SeS.