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Mortgage 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. This will determine how much interest
refinancing can save you. In addition, it will calculate
the number of months to breakeven on closing costs with
your reduced monthly payment. Click the "View Report"
button for a detailed look at the results.
Mortgage Refinancing Definitions
- 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
mortgage.
- 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 homeowner's insurance premium.
- Monthly PMI
- The amount you pay each month for PMI. This
is usually between 0.5% and 2% annually 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 mortgage.
- New term
- The total number of years for your new mortgage.
- New mortgage balance
- Total amount for your new refinanced mortgage.
This amount is equal to your current balance
on your original mortgage. Closing costs and
prepayment penalties are assumed to be payable
at the time of closing. Closing costs are
not added to your new mortgage balance.
- Closing costs
- Total fees and other costs associated with
the new mortgage and paid at the time of closing.
This calculator assumes that all closing costs
are paid with proceeds other than the new
mortgage (closing costs are not added to the
total for your new mortgage amount).
- 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.
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