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Refinance Savings Calculator
This refinance calculator shows you if it makes sense to refinance your home loan!
When making the decision regarding refinancing and using this refinance calculator, you need to consider a couple of things.
1. How long do you plan to live in the home?
2. How much will it cost you to refinance your mortgage loan?
Once you know these two things, you can determine if your accumulated monthly savings from refinancing will be enough to recoup the costs of refinancing your mortgage loan.
Keep in mind however, that this calculator will assume that you have made all of your mortgage payments on time, as scheduled.
If you have made a couple of larger than normal payments to pay-down the loan principal, or if you have made some late payments, your actual loan balance on your current mortgage loan could be different.
Also remember that this calculator only addresses the principal and interest (P&I) part of your loan, not any real estate taxes or insurance that might be part of your monthly mortgage payment.
Input
Financial Analysis
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Original Loan
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Refinanced Loan
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Monthly Payment
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$1,247.74
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$1,080.08
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Total Monthly Payment
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$74,864.39
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$64,804.94
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Monthly Payment Savings
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$10,059.44
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Total Interest Paid
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$56,931.13
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$51,409.13
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Tax Savings
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$17,648.65
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$15,936.83
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Tax Saving Losses
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$1,711.82
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Balance at Refinance
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$186,950.49
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Points Value
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$1,869.50
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Amount Refinanced
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$185,080.98
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Balance at Sale
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$169,017.23
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$171,685.17
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Balance Losses
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$2,667.94
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Total Losses
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$4,379.76
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Total Closing Cost
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$4,004.26
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Total Benefits
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$1,675.43
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"I prayed day and night for a miracle...In less than a week, (Somerset) was able to stop the foreclosure and get a new mortgage for me. It was the best of times...I have Somerset Mortgage Lenders to thank until eternity for the miracle they were able to make come true." - Diane B.
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© 2006 Somerset Investors Corp. All rights reserved.
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