15 year Mortgage Refinance Calculator

15-Year Mortgage Refinancing Calculator

30 year mortgages have lower payments, but a 15 year mortgage helps you minimize interest costs and pay off debts quickly. Do you understand what your refinancing costs could be? A fixed-rate mortgage, not a variable-rate, balloon type or ARM mortgage, is assumed. Find out how much interest you can save by refinancing your mortgage.

Mortgages refinancing calculator

Mortgage amount originally the amount of the mortgage. Actual interest rateThe yearly interest on the initial borrowing. Actual maturity in yearsOverall length of your existing mortgage in years. Number of years remainingNo. of years that remain on your mortgage. Your actual earnings before taxes. To help you estimate your national tax rates, use the "Registration status and personal tax rates" table.

To have the calculator calculate your residual credit on the basis of your initial credit information and the number of years left, select this option. Actual estimated valueThe actual estimated value of your house. Credit balancesBalance of your mortgage that is being funded. The new interest rateThe yearly interest for the new borrowing. Number of years for your new credit.

Lending ratesThis is the percent of the new mortgage that will be payed to the creditor as a lending charge. As a rule, this charge amounts to 1% of the credit surplus. This is the number of points that will be given to the creditor to lower the interest on the mortgage. Every point will cost 1% of the new amount of the credit.

Miscellaneous acquisition costEstimate of all other acquisition related expenses for this facility. Mortgage insurance (PMI) monthly payment Mortgage insurance (PMI) monthly premium. The PMI is valued at 0.5% of your credit surplus each year for credits backed by less than 20% decline. The monthly PMI is determined by multipling your initial credit amount by this percentage and subtracting it by 12.

If your home's capital funds exceed the PMI requirement percentages, your PMI payout will drop to zero. Usually PMI is needed if you have less than 20% of your own capital in your home, but to refinance a Freddie Mac or Fannie Mae guarantee you may not be obliged to repay PMI if your mortgage does not so.

Select the "Do not take PMI into account" checkbox if this is the case for your funding. Your actual amount is the total of capital, interest and PMI (Principal Mortgage Insurance). They are not listed here because the funding has no effect on your insurances or tax. Your new number is the total of capital, interest and PMI.

PI monthlyMonthly capital and interest payments. The number of time it takes for your montly payments cut to be greater than the acquisition cost. The number of time it will take for your interest and PMI cost reductions to outweigh your acquisition cost.

The number of monthly periods in which your after-tax interest and PMI saving will outweigh your acquisition cost. This is the most prudent break-even policy. The number of time it takes for your after-tax interest and PMI saving to surpass both your acquisition cost and any interest saved on the prepayment of your mortgage.

Advance payment amount used in this computation is the amount you would have to pay to complete the work.

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