A home mortgage refinance calculator can help you to identify your monthly savings after refinancing and compare your principal loan balance before and after refinancing. You will also be able to identify the break-even point of the new mortgage, based upon your closing costs and other refinancing fees. A mortgage refinance calculator will also help you to identify the equity in your home. A cash-out refinancing calculator will give you the result of how much cash you will be able to withdraw against your home equity.
In order to compare two refinancing options, a loan comparison calculator can be used to compare two loans side by side. A loan comparison calculator will analyze the aspects of the loans that have an influence on payment and will determine your monthly payment, total upfront fees and total cost for a range of years for both of the loans.
Payment calculator
A refinance payment calculator can help calculate the new monthly mortgage payment for a particular refinance option, whether it is a fixed-rate or interest-only mortgage. A payment calculator can also help you identify the payable monthly tax and insurance based upon the estimated annual insurance and taxes.
Point Calculator
Buying points at the closing will reduce the interest rate on the mortgage. However, buying points makes sense only if you decide to stay in your home or keep the same mortgage for at least a certain period of time. Otherwise paying a comparatively larger down payment would be a better decision to lower the interest rate. This point calculator will help determine your monthly mortgage payment with points, monthly mortgage payment without points and total cost of the points.
Refinance Calculator
A refinance calculator can compare the interest rate of your current mortgage and the proposed refinance mortgage, and identify your current mortgage payment as well as the new mortgage payment of the proposed refinance. Taking your refinance costs into account, a refinance calculator can identify whether you will benefit from refinancing your mortgage.
Home equity calculator
Before actually refinancing, you will have to know the equity of your home in order to obtain quotes from lenders. By entering the current estimated value of your home and the principle amount you owe for your mortgage into this calculator, you can obtain the numerical equity amount as well as the additional mortgage you would need to borrow to bring your loan-to-value ratio to 90%, 80%, and 75% respectively.
Cash-out Calculator
A cash-out calculator can help you determine if it makes sense to do a cash-out refinance or home equity loan. For the cash-out calculator you will need to supply the following information.
- The number of years you plan to live in the home
- The current value of your home
- Amount of cash you need (loan amount)
- Original balance of your current mortgage
- Original term of current mortgage
- Balance on current mortgage
- Interest rate on current mortgage
- Interest rate on new cash-out mortgage
- Loan term for new cash-out mortgage
- All closing costs and pre-payment penalties for new cash-out mortgage
- Interest rate for the home equity loan
- The term of the home equity loan
Based upon the supplied information, a cash-out calculator will be able to calculate the difference in savings between a home equity loan and a cash-out refinance over a period of time. In addition, it will provide the monthly payment as well as the total monthly payments for both the proposed home equity loan and cash-out mortgage. Finally, it will also show the total cost over the specified range of years.
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