Using the refinancing strategy you can save your valuable money in the form of interest savings. Focusing on both the original and new mortgage contract, this calculator will present a complete picture of new loan interest, old loan interest, monthly savings, and total amount of interest savings.
Appraised home value
Value of the home as assessed by the lender. Sometimes it is the current market value of a home.
Annual property taxes
Annual rate of taxes payable on the property.
Annual home insurance
Premium paid annually on the homeowner’s insurance.
Original loan amount
Value of the mortgage loan.
Rate of interest on the existing mortgage.
Original term in years
Term length (in year) of the original mortgage.
Amount of monthly principal mortgage insurance (PMI). If your contributed equity is less than 20% of the total amount, the annual PMI will be set between 0.5% and 2%.
Number of payments made
Number of payments you have already completed on the existing mortgage.
Rate of annual interest on the new mortgage.
Term length to repay the loan on the refinanced mortgage.
New mortgage balance
Amount of money financed by the new mortgage. This will not include closing costs as they are supposed to be paid during termination of the new mortgage.
Total of all fees that will be paid at the time of closing the contract.
Total amount of monthly principal, interest, insurance, and taxes on the refinanced mortgage.
Portion of the home value that is financed by the new mortgage. It is calculated via dividing the loan amount on the new mortgage by the appraised value of the home.