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Mortgage Refinancing Calculator

VIEWS: 354 PAGES: 2

This is an example of mortgage refinancing calculator. This document is useful for calculating mortgage refinancing.

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									                                   Home Mortgage Refinancing Calculator
                                   This calculator helps you determine whether you will save money by refinancing you
                                   Instructions:
                                       - Fill out the white boxes, replacing the sample numbers.
                                       - Read your results in the orange boxes.



                   Old Mortgage
Current monthly payment            $        1,000
Balance left on mortgage           $      100,000
Current interest rate                          5%
Years left on current loan                     10


                  New Mortgage
New interest rate                              4%
New loan term (years)                          12

                  Refinancing Costs
Points                                          1
Cost of points                      $       1,000
Application fee                     $       1,000
Credit check                        $       1,000
Attorney's fee (yours)              $       1,000
Attorney's fee (lender's)           $       1,000
Title search                        $       1,000
Title insurance                     $       1,000
Appraisal fee                       $       1,000
Inspections                         $       1,000
Local fees (taxes, transfers)       $       1,000
Document preparation                $       1,000
Other                               $       1,000
tgage Refinancing Calculator
ator helps you determine whether you will save money by refinancing your mortgage.

ut the white boxes, replacing the sample numbers.
 your results in the orange boxes.



             New monthly payment                                       $875.53
             Monthly savings                                      $     124.47
             You'll pay this much more interest over the
             life of the new loan                                 $ 6,076.09

             Total refinancing costs                              $      12,000      ###
             Months to recoup refinancing costs                           96.41

								
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