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Mortgage
Refinancing Calculator
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This
calculator will help you to decide whether or not you should refinance
your current mortgage at a lower interest rate. 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.
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Enter the
principal balance of your mortgage:
(call your mortgage lender and ask for the current
payoff amount)
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Enter the
amount of your monthly mortgage payment:
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Enter your
mortgage's current interest rate:
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Enter
interest rate you will be refinancing at:
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Enter the
number of years you will be refinancing for:
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Enter the
closing costs
:
(Typically, # of points is "2" or dollar amount is
.02 times the principal)
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Would you
like to finance the closing costs?
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This is
how much your monthly payment will be if you refinance:
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Monthly
Payment Reduction:
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# of
months for interest savings to offset closing costs:
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This is
how much interest you will pay under your current monthly payment plan:
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This is
how much interest you will pay under your refinanced monthly payment
plan:
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This is
how much interest you will save if you refinance:
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Net
Refinancing Savings (interest savings less closing costs):
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