Refinance Interest Savings
How much interest can you save if you refinance your mortgage? This calculator
helps you find out! Enter the specifics about your current mortgage, along with
your current appraised value, new loan term, rate and closing costs. This will
determine how much interest refinancing can save you. In addition, it will
calculate the number of months to breakeven on closing costs with your reduced
monthly payment. Click the "View Report" button for a detailed look at the
results.
AAXA's Home Page and
Current Mortgage Rate Information
Definitions
- Appraised home value
- Current market value of your home.
- Original loan amount
- Total amount for your original mortgage.
- Original rate
- Annual percentage rate of your original mortgage.
- Original term in years
- The total number of years for your original
mortgage.
- Number of payments made
- The total number of payments you have made on
your original mortgage.
- Annual property taxes
- Your annual property taxes.
- Annual home insurance
- Your annual homeowner's insurance premium.
- Monthly PMI
- The amount you pay each month for PMI. This is usually
between 0.5% and 2% annually of your loan amount if you have less than 20%
equity in your home.
- Current PITI
- Current monthly Principal, Interest, Taxes and Insurance
payment.
- New rate
- Annual percentage rate of your new mortgage.
- New term
- The total number of years for your new mortgage.
- New mortgage balance
- Total amount for your new refinanced mortgage. This
amount is equal to your current balance on your original mortgage. Closing
costs and prepayment penalties are assumed to be payable at the time of
closing. Closing costs are not added to your new mortgage balance.
- Closing costs
- Total fees and other costs associated with the new mortgage
and paid at the time of closing. This calculator assumes that all closing costs
are paid with proceeds other than the new mortgage (closing costs are not added
to the total for your new mortgage amount).
- New PITI
- New monthly Principal, Interest, Taxes and Insurance payment.
- New loan to value
-
Total loan amount divided by the appraised value of your home.
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