ho-me-refinancing.com How to Use a Mortgage Loan Calculator Part 1 When you negotiating a new loan with bank or lender having a mortgage loan calculator can give you a great help, if you refinance of course you want the best rates you can get. Now, how can you know which lenders are giving you the best rates. Yes, you will know that all only by compare the offers you will get from these different lenders. Basically, there are 3 common question that people always ask when they want to take a mortgage. In these cases using a mortgage loan calculator can help you make the decision 1. Should I Refinance? Before you answer that question yourself, you need to determine you goal first. Example determine which repayment term are you prefer. A short term, so you can pay off your loan sooner. Or a long term, so you can reduce your monthly payment. Case: If you had a 25 year mortgage loan at 5% interest, and for the last 3 years youd been making monthly repayment for this mortgage. Now, you want to reduce your monthly repayment. You can do this by refinance to a new 25 years period and we assume that interest rate is 4.5%. In this case, you did reduce your monthly repayment but in long run you could end up paying more, even if the interest rate is drop. But you never know that until all the closing fees are factored in. A mortgage loan calculator can give you a great help in this. There are places to input all the closing fees and expenses you will pay in a mortgage loan calculator …
Current rate is 6.375% fixed
Current Payment is ,671.15 per month
Loan Amt: 2k
I have a BA-35 calculator, but can’t remember how to use it.
Hi,
I am in need of a "calculator" or set of calculator that helps me make a decision on my personal situation. Here is brief:
I am planning to refinance my house. Trying to decide 15 year mortgage vs 30 years. I have already completed about 4 years of mortgage.
Now here is dilemma:
If I do it for 15 years I save about 160K in additional interest payment. So that is a good news. However, it sets me up with 800$ per month extra in payment. Now, IF I go for 30 years ( which frees up 800$s ) — and if I consistently invest in stock/funds etc and assuming ( 6% on average return, 8% is too aggressive!! , OR I want to see various returns % ) and at the same time I save in taxes for additional 15 years. Which is better 160K I saved OR 30 year option.
Also, consider that after 15 years I would have freed up the whole mortgage payment so I could very well invest those money for additional 15 years. But then tax benefit for last 15 year would go away. Also, I might need to factor in inflation as well.
Any calculators on the market OR any direct help from the community would help me determine this ? I am just trying to do various What-IF scenarios to make up a decision.
Thanks
– Jignesh.
Heard of Bait and Switch? Here’s an example. Joe at Wells Fargo Financial calls and says - "Come in to our office, we can refinance your auto loan, give you 0 cash back and lower your payments!" Of course we went in to check out what they could do. We get there and the guy is ALL about our MORTGAGE, which we have with a different bank. After explaining that we are NOT interested in home equity loans or refinancing the mortgage through Wells Fargo, suddenly he CAN’T do anything for us on the auto loan. He actually started arguing with us about how it doesn’t make any sense to him that we wouldn’t take him up on his fabulous offer!! WHOA NELLY! What the hell just happened here? You don’t get your grubby f-ing hands on my house, and the deal is off? Well, all I can say is, that guy is damn lucky my 8 yr old daughter was sitting there with my husband and I because if not, I think he may have found his little calculator crammed down his goddamn throat. Better Business Bureau, here I come
Anyone have a calculation or a website with a calculator to find out the following:
1st Mortgage = 0K @ 6%
2nd Mortgage = K @ 9%
My goal is to pay principle down K over the next 2 years at that point I am hoping I will have enough equity to refinance.
Am I better off paying down principle on the 1st mortgage or 2nd mortgage if i plan to re-fi in 2 years?
My initial thought is the 9% but I don’t have any hard numbers to back it up.
I should have added that this is a 30 yr fixed with 29 years left.
I understand I need to get rid of the second that is my dilema right now, the lenders are being RIDICULOUS with appraisals so I can’t even subordiante and get 95 CLTV raio because they keep rejecting apprasials. So I need to pay it down so I can re-fi.
Also the point of paying down the principle is so I can re-fi, I plan on staying in this home for at least 10. 15, hell maybe I will retire in it.
If I could re-fi just the 1st with today’s rates I would save 0 a month. But the lenders are only lending to the elite. So the people who are over extended are stuck.
We are currently at a 6.5% fixed 30year mortgage on 290,000. We are wondering if it is worth it to refinance to a 5.5% fixed 30 year mortgage. We’ve done the calculator on the mortgage websites and it shows a 0 a month savings but we have no idea what the closing costs would be.
Visit best-refinance-home-mortgage-loan-rates.com If you wish to refinance your mortgage, and are not sure if it is the right solution that will save you money.. This video and website link is for people who think refinancing their home loan. You can get some of the monthly payments down,…
Current rate is 6.375% fixed
Current Payment is ,671.15 per month
Loan Amt: 2k
I have a BA-35 calculator, but can’t remember how to use it.
Provides information about mortgages, mortgage rates, home refinancing, home equity loans and many other mortgage related topics. Try our free mortgage calculator, and find tips provides unbiased information to help you through the mortgage refinancing process. Click through learn how to…
Where do I find a calculator that shows whether it is worth paying a penalty (00) to break my existing mortgage(4.71%with 2 yrs left to go with a lower rate (3.55%)?