How much interest can you save if you refinance your mortgage at today’s rates? This calculator helps you find out!
Start by filling in the details of your current mortgage, and then the information for the new mortgage including its amortization, rate and closing costs. The calculator will determine how much interest you will pay under your current mortgage for the remainder of your contract period, and compare that against the interest costs of the new mortgage over teh same time period. You can even include any prepayment penalties and closing costs so they are factored into the net savings.
If the new mortgage interest costs combined with the costs of refinancing are less than the cost of interest for your existing mortgage, then you should definitely refinance!
Have questions? Contact us today and we’ll be happy to answer them.