![]() There are many online resources and calculators for mortgage loans. While you might be reducing your monthly loan payments, you are often adding to the principal amount owed on the loan. You can add in a cash-out refi amount as well if you are pulling cash out.īe careful when refinancing. But Smart Asset tells you the amount of money your monthly payment would have to be reduced by in order to be worthwhile to refinance. None of the calculators have a place to account for mortgage insurance (if you are indeed getting rid of it). Smart Asset has the best calculator I found. You can get there either by paying off your loan over time, or your home appreciating in value. You can do that as soon as your loan amount is worth approximately 80% or less of your home’s value. It is often $100+/mo on your mortgage and can be worth refinancing to get rid of it even if you don’t get a better interest rate. Mortgage insurance comes with FHA and conventional loans with less than a 20% down payment. You may want a cash-out refinance to take advantage of the equity in your home. You may want to drop your mortgage insurance. You may want to reduce your monthly mortgage payment when refinance rates are low. There are several reasons to refinance a loan. For example, My city in Texas (Killeen) has very high property taxes (2.5%) versus other States where it may just be 1%. Taxes can vary tremendously from State to State, so be sure to look up local rates in your area. Remember to include taxes, insurance, and mortgage interest. With any loan calculator, be sure not to confuse the estimate for your principal and interest payments with your total mortgage payment. Quicken Loans has a nice amortization schedule where you can see what you would save if you pay extra to pay off your mortgage sooner than 15 or 30 years. It does not, however, come with a mortgage amortization calculator or bi-weekly selection. ![]() You can select the loan term and see the math if you add an additional payment. ![]() I liked slightly better because you get more information and a strong reminder of the 0% VA loan for veterans. All of these will fill in an approximate mortgage interest rate based on the prevailing mortgage market. I tried a few calculators, including Zillow and Truli a.
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