Should I Refinance Now? Our mortgage refinance calculator tells if you’ll save money, lower your payments save on interest fees. Simply enter information like principal loan balance, and current payment and interest rates to find out if refinancing is the right thing to do now.
How to use the Refinance calculator
When using a refinance calculator, you’ll be asked to enter the following information for your current mortgage loan:
- The original loan amount
- Interest rate (APR)
- Total length (repayment term): mortgage loans usually have repayment terms of 15 or 30 years.
- Time remaining : If you have a 30 year loan, and have made payments for five years, the time remaining would be 25 years
- Remaining principle on current loan: This is your present mortgage balance. Your monthly mortgage statement should show this information.
Now you’ll enter the refinancing terms you’re considering:
- Amount refinanced: This is the amount you want to borrow for your new mortgage.
- Interest rate of new mortgage: Enter the interest rate for the new mortgage
- Term length : Enter how long you’ll have to repay the new loan. (Typically 15 or 30 years for mortgage refinancing loans).
- Cash out amount, if any: Enter any additional cash you’re taking out, for debt consolidation / payoff, home improvement, vacations, medical expenses or whatever.
- Closing costs, discount points, down payment amount: The refinance calculator displays an estimated amount of closing costs, not including discount points, on the next screen. You can use this estimate if you don’t know the amount of closing costs.
Use the drop-down window to select the appropriate option for paying closing costs:
- Paid by cash or check: You’re contributing funds to cover closing costs
- Rolled into the loan: Your refinanced mortgage amount will include closing costs.
- Paid by Lender: Your mortgage lender pays the closing costs (but you’ll pay a slightly higher interest rate).
After clicking the “calculate” button, the first section of the next screen displays a comparison of your current and proposed mortgage amounts, interest rates, and if applicable, any cash out amount and closing costs for the new mortgage.
- Lauren 12, Aug, 2012
Staying with your current lender eases the refi process, and may be best if their rate is comparable to the other lenders. If you do have money to invest in closing costs, and are willing to pay for a lower rate, use the refinance calculator to determine how many months it will take before you recoup your closing costs in monthly savings and make sure there is little chance of you selling the home before that time. We wish you well in your search. One of two things will happen, you’ll either find a way to save yourself some money by refinancing now, or you’ll find yourself better prepared to take advantage of the next refinance opportunity that comes your way. Either way you win. Too many people just resign themselves to their current loan and aren’t so proactive at exploring opportunities for improving their situation. Calculators4Mortgages applauds you for being such a proactive manager of your financial affairs.
I have a april 2004 manufactured home and need refinance my current 15yr mortgage at 4.75%. I am more than 6yrs into biweekly payment and the left over amount is lower than the current value of the house. I was offered a lower rate 15yrs loan but it doesn’t save me anything and extend the period of loan till 2026 which I don’t want. The calculator doesn’t help on biweekly payents started sometime in the middle of last 6yrs. I was also offered no closing cost.Can anybody help me out with this problem. I would like to save money if I refinance. Lower payment but need to have some saving too.
We part way through both a 1st and a 2ndwith different $ amounts and time remaining. Do you have a calculator that can help us figure out if we should refi both into a new loan.
This is the best, most helpful site for getting mortgage refinancing information. Thank you!