The Refinance Advisor calculator will compare the costs of two different mortgages or loans. Since the 1980's, interest rates have been on a roller coaster. Maybe you have a loan that you took out when rates weren't so favorable. This calculator will tell you, in plain English, if it pays to refinance the loan.
For example, assume that you currently have a loan that has a $100,000 balance which you are financing at 9.75% and that there are 180 quarterly payments left. Also assume that you can now borrow the money at 7.875%, but that in order to refinance you will have to pay closing costs of $5,500 and plus 3 points (in the US, points are add on interest). Considering all the variables, including your tax bracket of 30%, you can find out that you will save a little over $7,000 if you change to the possible financing.
It is very easy to quickly calculate many different scenarios. This calculator is a handy tool for mortgage professionals that refinance loans or for financial advisors who offer guidance on refinancing. It puts everything into plain language!
Note: Loan*Calculator! Plus assumes that the amount being refinanced is equal to the current loan's outstanding balance. AmortizeIT! and SolveIT! do not have this limitation.
Download a trial of SolveIT! or AmortizeIT! to try this calculator.
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