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Learn the Right Way to Use a Mortgage Refinancing Calculator

mortgage refinancing calculator

When using a mortgage refinancing calculator you should always follow these simple steps first before using these superb calculators. They are basic, but necessary!

1. Gather all your needed information to input into a mortgage refinancing calculator. This will include:  

  • Balance of your existing mortgage.
  • Your current mortgage rate.
  • How many years left on your current mortgage.
  • Decide how long you plan on remaining in your home.

    Your estimated closing cost to refinance (you can look at your old cost statement when you originally purchased your home).
2. Once you have collected all your data, input this into your mortgage refinancing calculator.

3. The results from your mortgage refinancing calculator will show you:
  • how much money you save from refinancing
  • How long it will take for you to breakeven if you were to refinance your existing loan
4. Decide whether the new interest rate is financially worth it to refinance or not.

A mortgage refinancing calculator can be your best asset when choosing to refinance. It will tell you exactly what to do. The numbers don't lie. Listen to what they say!