Application Center: Loan Calculators

NEW MORTGAGES

REFINANCING

HOME EQUITY

There are many reasons why you should consider refinancing your home 1) if it was mortgaged at a higher rate than available now, 2) you now have equity in your home, and 3) you plan to continue to live in your home for at least another 7 years.

Although not exact, use the calculator below to provide you with an estimate of your potential savings if you refinance your home.

Existing Loan
Original term of your loan:
Your original loan amount:	$
Your current loan balance:	$
How long you have had this loan:	yrs. mos.
Your current interest rate:	%
New Loan
Your new loan amount:	$
Your new mortgage term:
Your new interest rate:	%
Your estimated closing costs:	%
How long you plan to stay in your home after refinancing:	years

Payment Analysis
Existing Loan Payment Amount:*	$
New Loan Payment Amount:*	$
Savings/Loss from difference in monthly payments:	$
Amount saved over years due to decreased payment amount:	$
*Monthly payment amount includes principal and interest only. Taxes and insurance are not included.
Reduction of Loan Principal Analysis
Principal reduction of existing loan after years if you DO NOT refinance:	$
Principal reduction of new loan after years if you DO refinance:	$
Savings/Loss from difference in the principal reduction after years:	$
Estimated Cost to Refinance:	$
(Closing costs including discount points)

Total Savings/Loss With This Refinance Scenario:	$
- indicates the amount of savings + indicates the amount of loss

If this calculator indicates a substantial savings (-$..) by refinancing, contact us now - this indicates that you should probably refinance NOW! You will probably do better and save more money than suggested by the calculator, since Sue Baxter has better resources, better professionals, and better programs than the calculator.