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Step 1
To take advantage of the benefits of a home mortgage refinance calculator, you first need to locate one. There are many online calculators that can help you decide whether you should refinance your home mortgage or not. One useful calculator in particular can be found at www.bankrate.com. Simply click on the link to “Refinance Calculator” upon arrival to the homepage.
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Step 2
Once on the main page for the home mortgage refinance calculator, you will need to enter in the necessary data. In the ‘Savings from refinancing’ section, you will need to type in your current monthly payment, your current interest rate, the balance left on your mortgage, your new interest rate (obtained by your lending bank), the years left on your current loan, and your new loan term (if different). In the ‘How much will it cost you?’ section, you need to provide the calculator with data about the fees your bank will charge you to refinance your loan. Many of these fields might be zero, depending on your bank and how you choose to refinance your loan.
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Step 3
When you are finished entering all the data into the home mortgage refinance calculator, you are ready to get results. Press the ‘Calculate’ button to retrieve data on you new monthly payment, monthly savings, difference in interest, total cost to you, and months to recoup your costs. After you calculate all this data, you will have an ESTIMATE that will help you decide whether to refinance your home mortgage. For further reading on the matter of if or when you should refinance your mortgage, read the article, “How to Decide When to Refinance a Mortgage.” Links to this article and the home mortgage refinance calculator described above can be found in the resources section below.
Comments
sonni57 said
on 4/9/2009 Good explanation of how to use a mortgage refinance calculator they can be tricky.
tachic said
on 3/15/2009 Great info! Thanks.
alienangel555 said
on 3/3/2009 What a great way to figure out what you would save on refinancing. 5