This calculator helps you find out just how much interest you can save if you refinance your mortgage! 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.
Refinance Interest Savings Calculator
Your current age in years.
Savings target age
The age you want to become a millionaire. For example, to find out what it could take to be a millionaire by age 40, enter 40 here.
Amount currently invested
Total value of all of your current investments. Although you could include your home and personal property in this amount - it is a bit more accurate to include only your savings, retirement accounts and investments.
Savings per month
The amount you will contribute each month to your investments. This calculator assumes that all savings are added to your account at the beginning of the month.
Expected rate of return
This is the annually compounded rate of return you expect from your investments. For the purposes of this calculator, taxation is not factored into the results. If you pay taxes on the interest, dividends or capital gains from these investments, you may wish to enter your after-tax rate of return.
The actual rate of return is largely dependent on the type of investments you select. For example, for the last thirty years the average annual rate of return for the TSX is about 10%. Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
Expected inflation rate
What you expect for the average long-term inflation rate.
*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.