Using a Mortgage Refinance Calculator

Using a mortgage refinance calculator can help you determine if replacing your existing mortgage with a new one will be economical and save you money. Since mortgage interest rates constantly fluctuate, there may be an opportunity to save a substantial sum of money on your mortgage payments if rates drop enough.

Benefits of Mortgage Refinancing

Under the right conditions of interest rate disparity, a mortgage refinance can provide the following benefits to property owners;

1. An adjustable rate mortgage can be transferred into a fixed rate mortgage,
2. Debts can be consolidated into one lower interest rate loan,
3. The mortgage could be paid off sooner by taking the difference in mortgage payments (old and new loans) and using it to make additional principal payments on the new refinanced loan, and
4. The equity can be used to finance a college education, purchase a car, etc.

Using the Refinancing Calculator

It's pretty simple to use the refinancing calculator, so simple even a caveman can do it :). Here's the information that's required to be fed into the calculator:

• The balance you owe on your existing mortgage,
• The interest rate on your existing mortgage,
• Your estimated closing costs,
• The interest rate on the new refinanced loan, and
• Your present monthly mortgage payment amount.

The calculator then uses this information to instantly determine the effect of mortgage refinancing options.

For additional information on refinancing, please visit " The Landlord's Library " book collection.

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