Refinance
Interest Savings
How
much interest can you save if you refinance your mortgage?
This calculator helps you find out! Enter the specifics
about your current mortgage, along with your current appraised
value, new loan term, rate and closing costs. We will then
determine how much interest refinancing can save you. In
addition, we calculate the number of months it will take
to break even on closing costs with your reduced monthly
payment.
Definitions
Return
to Home | Return
To Calculator Index
|
Appraised
home value
|
Current
market value of your home
|
Original
loan amount
|
Total
amount for your original mortgage
|
Original
rate
|
Annual
percentage rate of your original loan
|
| Original
term in years |
The
total number of years for your original mortgage
|
Number
of payments made
|
The
total number of payments you have made on your original
mortgage
|
Annual
property taxes
|
Your
annual property taxes
|
Annual
home insurance
|
Your
annual home owners insurance premium
|
Monthly
PMI
|
The
amount you pay each month for PMI. This is usually your
0.5 percent of your loan amount, if you have less than
20% equity in your home
|
Current
PITI
|
Current
monthly Principal, Interest, Taxes and Insurance payment
|
New
rate
|
Annual
percentage rate of your new loan
|
New
term
|
The
total number of years for your new mortgage
|
Closing
costs
|
Total
fees and other costs associated with the new mortgage,
and paid at the time of closing
|
New
PITI
|
New
monthly Principal, Interest, Taxes and Insurance payment
|
New
Loan to Value
|
Total
loan amount divided by the appraised value of your home
|
|
