Well, this just came across my e-mail and I thought it was valuable enough to post ASAP.   Download Refinance_Savings_Chart

It's a pretty chart showing payments if an individual refinanced their existing mortgage.  A few notes:

• The chart shows only principal + interest ("P+I"), so to figure out your TOTAL payment you need to add your homeowners' insurance payment and your real estate taxes, to get your "PITI" (principal, interest, taxes, insurance) payment;
• Real estate taxes on a property can be calculated by going to the website of the locality in which the property is located, taking the annual real estate tax amount and dividing it by 12, then adding 1/12th of the total annual tax bill to the monthly P+I payment;
• Homeowner's insurance is also an annual bill, so take that number and divide it by 12, add 1/12th to the P+I+T (real estate tax) payment to get your total PITI, which is your out-of-pocket monthly expense;
• If you do not have any idea what homeowner's insurance will run you, and you don't have time to get a general quote from an insurance agent, I use $1,200 annually, or $100/month, as a pretty good rule of thumb for the typical buyer; and
• The chart works for someone looking to buy a home also, not only refinancing.

Hope it helps!