Assumptions: Original loan amount on current mortgage Cash out on new mortgage Next move or refinance Age of current mortgage Taxable household income Marital status
$200,000.00 $0.00 4 years 24 months $90,000.00
Home Equity Rate Home equity loan term
Current situation Loan term (months) Rate Points 803 Appraisal Fee 804 Credit Report 809 Tax Service Fee 810 Processing Fee 811 Underwriting Fee 812 Wire Fee 1101 Escrow Fee 1108 Title Insurance Courier Fee Endorsements Reconveyance Fee 1201 Recording Fee Rate Lock Other Total closing costs Monthly payments Interest Principal Escrow (optional) Additional principal payment Total payment Who has the best deal? Interest paid Tax refund Interest paid after tax Principal paid Ending balance Amount saved #REF! 180 6.50%
Habitat Financial 360 3.13% 1.31 350.00 20.00 65.00 395.00 695.00 18.00 300.00 333.00 100.00 100.00 50.00 125.00 $4,960.19
Federal Mortgage 360 3.25% 0.625 350.00 5.00 60.00 1,000.00 595.00 300.00 333.00 55.00 40.00 50.00 (500.00) $3,437.42
Express West RefinancePurc Mortgage hase.com 360 360 4.63% 3.38% 0 0.25 350.00 350.00 16.00 5.00 60.00 60.00 295.00 300.00 725.00 600.00 17.00 300.00 300.00 333.00 333.00 48.96 55.00 50.00 40.00 50.00 50.00
$2,244.96
$2,552.77
$996.17 746.05 258.77
$491.84 317.22 258.77 360.00 $1,427.83
$507.39 307.94 258.77 360.00 $1,434.11
$718.24 239.40 258.77 360.00 $1,576.41
$524.42 299.91 258.77 360.00 $1,443.10
$2,000.98
$42,854.81 #REF! #REF! 40,771.50 143,136.10
$21,537.32 #REF! #REF! 34,577.71 154,290.08 #REF! #REF!
$22,226.90 #REF! #REF! 34,189.30 153,155.73 #REF! #REF!
$31,705.47 #REF! #REF! 31,541.30 154,611.26 #REF! #REF!
$22,985.36 #REF! #REF! 33,862.69 152,597.69 #REF! #REF!
Behind-the-scenes calculations: Current principal balance $183,907.60 Initial loan amount
183,907.60
183,907.60
183,907.60
183,907.60
Total loan amount Effective loan term (months) Top tax rate
183,907.60 210 #REF!
183,907.60 209
183,907.60 205
183,907.60 208
me Equity Rate me equity loan term
4.00% 5 years
Mortgage Loan 360 3.13% 1.37 350.00 20.00 65.00 395.00 695.00 18.00 300.00 333.00 125.00 100.00 50.00 100.00 $5,070.53
Hart West Financial 360 3.88% 0 415.00 70.00 85.00 200.00 350.00 300.00 333.00 48.87 75.00 50.00
Homebound Mortgage 360 3.25% 1 350.00 0.00 75.00 535.00 250.00 300.00 333.00 55.00 40.00 50.00
ING Direct 360 9.00% 0 350.00 5.00 1,000.00 595.00 300.00 333.00 55.00 40.00 50.00 360 9.00% 0 350.00 5.00 60.00 300.00 600.00 300.00 333.00 55.00 40.00 50.00 360 3.99% 0 350.00 0.00 60.00 0.00 0.00 300.00 333.00 55.00 40.00 50.00
$1,926.87
$3,827.08
$2,728.00
$2,093.00
$1,188.00
$492.13 317.41 258.77 360.00 $1,428.31
$600.86 273.53 258.77 360.00 $1,493.16
$508.45 308.59 258.77 360.00 $1,435.80
$1,399.77 101.95 258.77 360.00 $2,120.48
$1,395.00 101.60 258.77 360.00 $2,115.37
$615.44 267.17 258.77 360.00 $1,501.38
$21,550.55 #REF! #REF! 34,587.18 154,390.96 #REF! #REF!
$26,412.06 #REF! #REF! 32,838.86 152,995.61 #REF! #REF!
$22,275.51 #REF! #REF! 34,222.08 153,512.60 #REF! #REF!
$62,790.77 #REF! #REF! 26,571.42 160,064.18 #REF! #REF!
$62,565.47 #REF! #REF! 26,551.47 159,449.13 #REF! #REF!
$27,064.47 #REF! #REF! 32,580.71 152,514.89 #REF! #REF!
183,907.60
183,907.60
183,907.60
183,907.60
183,907.60
183,907.60
183,907.60 210
183,907.60 207
183,907.60 209
183,907.60 187
183,907.60 186
183,907.60 206