Typically home refinancing is done when you have a mortgage on your home and apply for a second loan to pay off the first one. While taking the decision to go for the home refinancing option, it is important to first determine whether the amount you save on interests balances the amount of fees payable during refinancing.
The mortgage that you chose, has to be affordable for your particular financial situation. The above mortgage payment calculators are a way to estimate fairly closely. (Of course, you should always consult with a professional banker or lender, before any final decisions.) It calculates your potential monthly payment by computing parameters related to loan and property information. It also takes into consideration tax and insurance information. Input these numbers and you've got quick estimate of whether or not the loan is in your budgetary ballpark.
Should I Refinance ... Mortgage calculation to accurately determine...whether to refinance
Of course, you should always consult with a professional banker or lender, before any final decisions.