A mortgage refinance calculator has been added to the suite of calculations provided in ProAPOD’s web based real estate calculator.
This mortgage refinance calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. You will be able to see your monthly payment and net interest savings as well as how many months it will take to recoup the closing costs. It only requires a couple of entries to determine whether a mortgage refinance might be practical.
For example, say that your original loan amount was $100,000 at 5.0% annual interest for 30 years and you’ve made 36 payments and you can refinance at 4.0% for 30 years but must pay 2% loan points and $500 in other fees (i.e., appraisal, title, etc.) which you will roll in to the new loan. The result will show you how much interest refinancing will save you over the course of the loan verses your original mortgage plus the number of months it will take to recoup the closing costs associated with refinancing. The calculator also lets you select not to roll the points and other fees into the new mortgage; in which case these closing costs are counted as cash required up front and not included in the new loan.
Customers who already purchased this real estate calculator are never charged when this program is updated. This new mortgage refinance calculator will automatically be available the next time you log in.