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Mortgage Refinance Calculator
Simple Loan Calculator

This mortgage 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.

Mortgage Refinancing Calculator

Enter the principal balance of your mortgage (call your mortgage lender and ask for the current payoff amount):

Enter the amount of your monthly mortgage payment:

Enter the your mortgage's current interest rate:

Enter interest rate you will be refinancing at:

Enter the number of years you will be refinancing for:

Enter the closing costs that will be required for refinancing:

 
This is how much your monthly payment will be if you refinance:

Monthly Savings:

Number of months to break even on closing costs:

This is how much interest you will pay under your current monthly payment plan:

This is how much interest you will pay under your refinanced monthly payment plan:

This is how much interest you will save if you refinance:

Net Refinancing Savings (interest savings less closing costs):

 

Below is a simple loan calculator to help in determining what your payment will be with the information provided.

Input information

Years:

Interest:

Loan Amount:

Annual Tax:

Annual Insurance:

Results

Monthly Principle + Interest

Monthly Tax

Monthly Insurance

Total Payment

For additional information, mortgage and loan calculators please visit Mortgage-Calculator.us.com 

 


WARNING!

(ARM) Adjustable Rate Mortgage Holders!

New credit reporting criteria!

A new credit-scoring system that rates borrowers based on the type of mortgage they have could cause people with adjustable mortgages to pay higher interest rates on everything from credit cards to car loans.

Some financial experts, however, say this system bears a close resemblance to so-called universal default, which allows a credit card company to raise a customer's interest rate if he makes a late payment with another creditor.

"This is pretty much going to be all that credit card companies, student loan companies, auto lenders and other banks need to charge customers higher rates solely based on the kind of mortgages they have," said Lynnette Khalfani, a former reporter for t e Wall Street Journal and CNBC, and author of "Zero Debt." "Folks who were teased and seduced to sign up for ARMs just two years ago are paying for that decision in ways they never imagined," Mrs. Khalfani said. "You could never fathom it would cause higher rates on credit cards and higher payments too. That smacks of unfairness to the consumer." Not everyone with ARMs is struggling to make ends meet.

 READ MORE...

 

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