To use this calculator, you will first need to gather information on your current loan. You will need to know what your current rate is and what your balance is. Also, you will need your monthly mortgage payment.
The next step is to enter information on your new loan. There are three critical components here. The first is the new rate, the second is the cost to refinance, and the third is the new term. We can offer no cost options or full cost options depending on what makes sense for you and your situation. The rate will change depending on which option you take. For example, if the current market interest rate with no refinance costs is 4%, you could select that rate and refinance with no cost at all. If you want a lower rate and you are willing to pay money to refinance, we can work out an option that would offer you a lower rate (say 3.5% for example) with some costs involved. If you do not know what current rates look like or what the costs to refinance would be, please call us and we can get that information to you!