Refinance Calculator Definition
Refinancing is a good thing to check every so often, as this can lower your monthly mortgage rates. This refinance calculator will help you get a general idea on what your refinance could do to your mortgage rates. This is strictly an estimate and will give you details of the current home loan with newer terms and rates.
Using the refinance calculator is easy to use and 100% secure. We do not store any information on our site. After a few simple steps, you will have your results instantly. Please have your mortgage information handy and this will speed up your calculator progress.
First enter the PRINCIPAL balance of your mortgage.
After this you need to enter in your monthly mortgage payments.
Enter your current mortgage interest rate.
The interest rate in which you will be refinancing at comes next.
Enter the number of years you will be refinancing for in the following box.
Lastly, enter your closing costs that will be required for refinancing and click COMPUTE.
Below will be the calculations of the above information on the refinance calculator. This will include monthly payments and savings, compared interest rates from current to future and how much you will save by refinancing.