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Mortgage
Refinancing Calculator
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| This
JavaScript calculator will help you to decide whether or not you
should refinance your current mortgage at a lower interest rate.
Not only will this calculator calculate the monthly payment and
net interest savings, but it will also calculate how many months
it will take to break even on the closing costs.
Note:
When entering numbers into the data fields only use numbers and
applicable decimal points. Entering commas, dollar signs, or any
other non-numeric characters will cause an error. Also please
note that this calculator has been tested to work with Internet
Explorer 3.01 and Netscape Navigator 3.01 web browsers. However,
both must have the JavaScript option turned on.
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Enter
the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount) |
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| Enter
the amount of your monthly mortgage payment: |
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| Enter
your mortgage's current interest rate: |
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| Enter
interest rate you will be refinancing at: |
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| Enter
the number of years you will be refinancing for: |
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Enter
the closing costs
:
(Typically, # of points is "2" or dollar amount is .02 times the
principal) |
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| Would
you like to finance the closing costs? |
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| This
is how much your monthly payment will be if you refinance: |
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| Monthly
Payment Reduction: |
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| #
of months for interest savings to offset closing costs: |
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| This
is how much interest you will pay under your current monthly payment
plan: |
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| This
is how much interest you will pay under your refinanced monthly
payment plan: |
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| This
is how much interest you will save if you refinance: |
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| Net
Refinancing Savings (interest savings less closing costs): |
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Today is:
