Introduction:
Mortgage Refinance Calculator! Refinancing your mortgage can be a great way to save money, especially if interest rates have gone down since you first took out your loan. But how do you know if it's worth it?
That's where our Mortgage Refinance Calculator comes in!
How to Use the Calculator:
- Enter your current mortgage details: Tell us how much you still owe on your mortgage, your current interest rate, and how many years are left on your loan.
- Enter your new mortgage details: Tell us what you think the new interest rate will be, how long you want the new loan to be, and how much you expect to pay in closing costs.
- Click "Calculate Savings": The calculator will show you how much you could save each month and in total interest.
What to Look For:
- Monthly Savings: If your new monthly payment is lower than your current payment, you're saving money.
- Total Interest Savings: Over the life of the loan, how much less will you pay in interest?
- Break-Even Point: This is how long it will take for the savings from refinancing to cover the closing costs.
Important Things to Remember:
- Closing Costs: There are usually fees involved in refinancing, so make sure the savings are worth it.
- Interest Rates: Interest rates can change, so it's important to compare the current rate to the new rate you're considering.
- Consult a Professional: Always talk to a mortgage professional before refinancing to get personalized advice.
Ready to see if refinancing is right for you? Try our Mortgage Refinance Calculator today!
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Mortgage Refinance Calculator
Current Mortgage
Current Loan Balance (£):
Current Interest Rate (%):
Remaining Term (years):
New Mortgage
New Interest Rate (%):
New Term (years):
Closing Costs (£):
Calculate Savings
Refinance Results
Current Monthly Payment:
New Monthly Payment:
Monthly Savings:
Total Interest Savings:
Break-Even Point: months
Important Information
This calculator provides an estimate only and should not be considered financial advice. Please consult with a qualified mortgage professional for accurate information tailored to your specific situation.
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https://justoborn.com/mortgage-refinance-calculator-can-help/
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