Mortgage Refinance Calculators

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A Quick Guide to Using Mortgage Refinance Calculators

Mortgage loan refinance calculators can feel complicated for first-time users but this guide will allow you to get the figures you need.

Step 1 Choose the right resource.
The best mortgage refinance calculators are those given by unbiased websites. If you notice a link to any mortgage company in the website next theres a good possibility that the free online mortgage remortgage calculator youre using is rigged to give results positive to the company.

For further accurate results, you should also consider purchasing software that allows you to install your own mortgage refinance calculator in your computer.

Step 2 Choose the best type.
Theres a lot of home loan calculators available in the net so do make sure youre using the right one. Mortgage re-finance calculators may also be referred to as second mortgage hand calculators. Some are also specially engineered to work with fixed rate mortgage loans while others are designed to calculate rates for varied rate mortgages.

Step 3 Get your data ready.
For quick results, ensure youve got all your information ready. Have a list of quotes from different mortgage providers. Ensure that you also know each and every pertinent figure relating to your existing mortgage plus the various fees you may be charged with for taking out there a second mortgage.

Step 4 Input figures.
Now that youve got everything you need available, its time to input the figures.

Savings from Refinancing
There are generally two major categories used in mortgage remortgage calculators. The first category requires you to feedback the necessary figures to compute how much you can help save from refinancing.

Existing Monthly Payment
How much are you paying every month to your existing loan? Make sure you enter the total figure and not the interest or the level of money you pay to subtract from the remaining loan harmony.

Balance Left on Mortgage
If your creditor cant provide the exact determine then dont worry as this is fairly easy to calculate. First, determine how many months youve been paying your loan fees. Now, deduct how much interest expense out of your total monthly loan repayment. Multiply the difference using the number of months youve chosen to pay. Lastly, deduct the product from the amount of money a person originally borrowed and also the result will be the leftover loan balance.

Interest Rate
Home loan refinance calculators will also require you to input the eye rates for your existing and possibly second mortgage loan.

Loan Terms
Also for comparison, a mortgage refinance calculator will require you to show the number of years youre allowed to pay off your second mortgage as well as the number of years left on your own existing mortgage.

Simply how much It Costs
This is the second category of figures found in mortgage refinance hand calculators and most of the numbers used here might be provided by your potential creditor.

Application Charges and Costs
Some home loan companies charge borrowers with application charges, but this may be waived in the event that youre eligible for a pre-approved loan. Additional fees that may or perhaps may not be waived include report preparation, inspection, title search and insurance, credit verify, local and various fees.

Attorney Fees
Costs for next mortgage may require you to definitely pay for the costs of your attorney in addition of the mortgage company.

Action 5 Calculate
Upon entering the necessary data, simply click Calculate or Input your mortgage refinance calculator and youll discover how much your new payment is, how much youre conserving and how many months it is possible to recoup your costs.

Comments: 27

  1. Marlyn March 23, 2013 at 7:20 pm Reply

    I now have a 30 year mortgage that I am about 5 years into at 5.5 percent interest. The new 15 year is at 4.28 percent. I only owe about 75000 left. P and I payment is around 450.00. Wondering if it would be wise and save any money in interest and payment to refi to 15 years yet taking off about 10 years of payment?

  2. Lorie March 26, 2013 at 4:49 pm Reply

    I have a jumbo loan and would like to pay the principle down so we can be in the standard loan limits of $417,000. Once we are there, we would like to re-finance. What should I look for and what calculations should I be doing to see if it is worth it?

  3. Ingrid April 7, 2013 at 3:54 am Reply

    Current rate is 6.375% fixed
    Current Payment is $1,671.15 per month
    Loan Amt: $242k

    I have a BA-35 calculator, but can’t remember how to use it.

  4. Minerva April 7, 2013 at 5:06 pm Reply

    This may seem like a basic question and yes, I have looked at mortgage calculators, but generally speaking, which scenario would you go for?

    I currently own a house with $250,000 of the principal mortgaged at 5% on a 30 year loan. I will inherit about $300k. Should I

    A) Refinance and put $100k into the house, and use the rest to buy more property (say, two $200k houses at about $100k down on each), and rent them for now, hoping to sell in five or ten years.

    B) Buy out $150k of the house, buy a second property and rent it out (as above) put the rest in the stock market.

    C) Sell my house, quit my job and see how long I can scrape by on the 300k while living off of pizza and beer.

    D) Something else.

    Thanks for your help!

  5. Cherilyn April 28, 2013 at 1:44 pm Reply

    Should I go to each bank ( closest to my home ) in person ? Do they check my credit individually ? How will effect on my credit ? Please help me out. Anticipatory thanx to all.

  6. Berneice May 10, 2013 at 2:12 am Reply

    It is a 30 year fixed mortgage. My payments are only 426.10 a month. So if I applied an extra $71 to my principle each month it would be 2 extra payments. How do you calculate this to see how long it will take to pay off? And my interest rate is 6.5 percent

  7. Lester June 25, 2013 at 10:15 pm Reply

    Our mortgage is 7% /30 years We have lived in our home now 17 years.
    My Husband says if we do the re fi. we can get our monthly payment down over $250 a month.

    There is so much paper work and the broker tells us to sign and date paper work with blank lines to be filled in by him/his company. This may be normal but nerve racking.

    Will there be figures added in at closing that we will have to decide on if we still want the re-fi?

    The mortgage broker want

  8. Lawrence July 4, 2013 at 11:59 am Reply

    I live in New Hampshire. I currently have 40 years fixed rate at 5.99% with no PMI. The house is assessed at $300K and I owe about $263 left. I have 38 years left on the loan. Where can I go to get the best refinance and at what rate?

  9. Hal July 29, 2013 at 5:44 am Reply

    I’m in the military and have 2-3 year tours at any single military base. Would like your opinion on buying a home using an ARM (5year) or a 30 year fixed mortgage?

  10. Gregg July 29, 2013 at 3:58 pm Reply

    I want to refinance on my home but I just found out from the bank I’m working with now that I’ll have around $2500 in closing costs. Is that a lot or not? I’ve heard of people refinancing from much less, like $400. Thanks.

  11. Harris November 14, 2013 at 2:12 am Reply

    If You Cant Make It, Now You Can Fake It using Need to refinance or get a loan? Prove your income to get the Home, Car or Payday Advance you need to survive! HELPING YOU HELP YOURSELF!

  12. Diane November 23, 2013 at 9:46 am Reply

    Also, how do you calculate what you would have paid overall if you’d have stayed with the original loan?

  13. Shalon December 23, 2013 at 5:38 am Reply

    We bought the house a year ago and the APR is currently 6.75 (30 year, fixed). We owe around $172000 (not counting the home equity line, 21K). I was just looking at Quicken loans and saw tone of ways to save money using their calculator. Stuff like “Smart Choice 5-year” and ARMs. Should I bite?
    We won’t be in the house more than 5 years from now.
    The house is worth about $220k and there shouldn’t be a problem reselling. It’s in a good, new area.

  14. Quiana December 30, 2013 at 1:46 pm Reply

    I make about a 100,000 dollars per year and have fair credit. Who can I trust to give an honest and educated answer?

  15. Santos February 2, 2014 at 12:52 pm Reply

    Can any one tell what is mean by mortgage & how to calculate.

  16. Damion February 21, 2014 at 10:14 pm Reply

    I am current on the mortgage. I have been in the house for 10 years. Am I too far into the mortgage payoff to refinance? I do not want to lose all the money paid in interest payments already.

  17. Domingo February 21, 2014 at 10:34 pm Reply

    My parents are considering refinancing to a fixed rate mortgate. I need software that can take in the following info: quoted rate, initial fees including mortgate points, loan amount, loan period, tax deductions on mortgate interest. The software needs to output the following. Total payments minus tax break plotted against time.
    If there is no such software, a webpage with step by step instructions to do the calculation would be helpful.

  18. Coy February 21, 2014 at 10:34 pm Reply

    We bought our house at 4.25%. I noticed yesterday interest rates are really low at 2.85% at the bank where we financed the house. Should we consider re financing? Where do we start? He owns another house which he bought with his ex and he still owes more than the house is worth. I am over protective of my credit score because he has made bad decisions co signing loans for his kids, and they didnt pay them back. Id like to know if any of this has any bearing on our re financing? Should he re finance his other house which is currently at 7.2%. He doesn’t live in it. Its rented out.

  19. Iris February 21, 2014 at 11:51 pm Reply

    current monthly principle is $512 @ 5.49% 30 yr.. Refi to a 15yr 4.0%. Loan balance: $87,800. Closing costs: $3600 (but will be put back into loan, increasing balance to $91,400). new monthly principle: $676. Plan on being in this house another 8 years then buying up.

  20. Signe February 22, 2014 at 3:08 am Reply

    I already know the home value, how much I’m willing to put down, and my credit score. I’d like to find a site that allows me to use a calculator without inputting my personal information . . . I don’t mind my email going out, but I’d really rather not put in my current home address, full name, and income before I actually put in applications.
    I already know the home value, how much I’m willing to put down, and my credit score. I’d like to find a site that allows me to use a calculator without inputting my personal information . . . I don’t mind my email going out, but I’d really rather not put in my current home address, full name, and income before I actually put in applications.

    I’m not looking for a place where I’ll have to join/enter my contact information. I know my credit score already.

  21. Merrill February 22, 2014 at 4:42 am Reply

    We bought our home 2 years ago; our total loan was 700,000 and is now 685,000; the rate that we had was 30 yr fixed 6.375%. Should we refinance to a 15/30 arm at 5.25% now?

  22. Tamie February 22, 2014 at 6:31 am Reply

    What if I move in four years and I want to sell?

  23. Maragret March 13, 2014 at 10:33 am Reply

    I began the process on September 20th and did have to fax in a few things to clear up some credit reporting questions. The appraisal was done about 3 weeks ago but my loan officer with countrywide always says he is waiting for the underwriter. What should I do?

  24. Felipe March 23, 2014 at 5:02 pm Reply

    Potential savings $750.00 a month. However, adding 51/2 years to pay-off the house. Rate by the way is %4.50, same as my present rate.

  25. Cory April 22, 2014 at 1:29 am Reply


    I am wondering if I should refinance my mortgage or not a good time yet. My current interest rate is 4.375% and looks like if I refinance today I can get 3.625% plus fees (around $3400). So, I am wondering if it is good idea to go for refinance or wait until I get at-least 1% difference?

    Please advice.


  26. Kip May 29, 2014 at 5:56 am Reply

    I don’t know if I should refinance my home mortgage loan now since the interest rate is fairly low (4.63%). My interest rate now is 6.31% Do you think it will get any lower as of now? The National Average Mortgage Rates seems to be fluctuating a bit but slowly dropping. Anyways just want to refinance before the rates go up.

    Website used if it’s any good…..

  27. Marshall June 13, 2014 at 11:50 am Reply

    A friend of the family has a reverse mortgage. He has gotten to the point he can’t live alone, but is being told he has to remain in the house for the rest of his life or he will have to return the money they gave him. Is that true. Is there an out? He just doesn’t have the money they want.
    I am not so sure it’s easy as selling it even in a quick sale. He should be moving ASAP and from what he says, the house is in disrepair.

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