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Refinancing your mortgage allows you to change the term of your current mortgage. You can take advantage of lower interest rates should you opt to refinance. However, you may risk paying a lot of money for fees because you’re breaking your existing mortgage for a new one. It’s a difficult decision to make, but our Refinance Mortgage Calculator can make it easier for you. The calculator will show any savings you could have in your monthly payments if you choose to refinance. You can then compare these savings to the fees required for refinancing.
This calculator can help you understand if refinancing will help you financially, or if the closing costs will be more than what you will save. Understanding the details can help you decide if now is the right time to refinance for you.
To use the calculator, simply fill out the details of your current mortgage, including current principal balance, monthly repayment and interest rate. Then, put in the details of what your refinancing rates will be.
To understand your closing costs for refinancing, you’ll have to consider a few variables. Mortgage prepayment penalty, discharge fee, mortgage registration fee, and the legal fees can all add up and should be factored in.