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REFINANCE CALCULATOR

We are pleased you are taking the time out to find why it is beneficial to look into this process.
If you wish to refinance your current loan, consolidate your debts, or take cash out (for any purpose) this page will indicate if refinancing will be beneficial to you. For more specific answers, please contact one of the Professional Mortgage Brokers or Lenders.

When you go through this process, please be honest with yourself. This is for informational purposes and gives you guidelines as to why you should refinance. It is only for your use and is not a guaranteed method of choosing the best program for your refinancing. When you decide to refinance, contact one of our Mortgage Brokers or Lenders who will help you determine what programs are best for you.

Note:Interest rates fluctuate so often rates cannot be guaranteed and may very well go higher (or lower) depending on the market. To guarantee any rate, you must apply for a mortgage and have a rate lock confirmation in order to obtain a specific rate. We have assumed you have excellent credit and your figures are accurate, including property value.

Information on your CURRENT mortgage
What was the month in which this mortgage originated?
What was the year in which this mortgage originated?
What was the original amount of this mortgage?
What is the term of this mortgage? year
What is the interest rate?
Information on your NEW mortgage
What is the mortgage amount? (The value at right is the calculated amount you currently owe)
What is the term of this mortgage? year
What is the interest rate?
What are your estimated closing costs, including any points paid upfront?


The Results  
Your current monthly payment is:
Your new monthly payment will be:
If you refinance now, your monthly payments will be reduced by:
It will take this long to "break even," or recover closing costs on the new mortgage:


Mortgage analysis CURRENT Loan NEW Loan
Number of payments made so far:
Number of remaining payments at refinance date:
Total interest paid as of refinance date:
Total unpaid interest at refinance date:
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