Refinance

There are many reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home's equity in order to finance a large purchase; and the desire to consolidate debt.

This calculator will help you to decide whether refinancing your home makes sense.

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.

 

Cash-Out Refinance

A cash-out refinance replaces your existing mortgage with a new home loan for more than you owe on your house. The difference goes to you in cash and you can spend it on home improvements, debt consolidation or other financial needs. You must have equity built up in your house to use a cash-out refinance.

Traditional refinancing, in contrast, replaces your existing mortgage with a new one for the same balance. Here’s how a cash-out refinance works:

  • Pays difference of your mortgage balance and home’s value.

  • Has slightly higher interest rates due to a higher loan amount.

  • Limits cash-out amounts to 80% to 90% of your home’s equity.

In other words, you can’t pull out 100% of your home’s equity these days. If your home is valued at $200,000 and your mortgage balance is $100,000, you have $100,000 of equity in your home. Let’s say you want to spend $50,000 on renovations. You can refinance your loan for $150,000, and receive $50,000 in cash at closing.

 
Mortgage Refinancing Calculator
Enter the principal balance of your 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 the your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs that will be required for refinancing:
This is how much your monthly payment will be if you refinance:
Monthly Savings:
Number of months to break even on 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):
Note* the figures produced by this calculator are estimates only. To obtain an official evaluation, please speak to one of our experts.
Copyright © 1997-2019 Web Winder Site Traffic Magnets. All rights reserved.
 

Free Consultation

Name *
Name
Phone *
Phone
 
 
 
 
 
 
 
 
 
 
 
edited.jpg

Need help finding your dream home?

We can help. Choose from a group of hand-picked professionals and find an agent who is suitable for your home-buying needs and style.