1
Current Interest Rate
%
*
I.E. 0.0725
2
New Interest Rate
%
*
I.E. 0.0725
3
Current Monthly Payment
$
*
I.E. 805.00
4
New Monthly Payment
$
Make input from rate chart
:
5
Total Monthly Savings
$
I.E. 0.0725
6
New Mortgage Amount
$
*
I.E. 80000.00
7
Number of years for new loan
*
I.E. 20
8
Balance of Existing Mortgage
$
*
I.E.69000.00
9
Equity reduction
(cash back or cost rolled into the new mortgage)
$
Cost to refinance (ask your banker)
10
Application fee
$
*
I.E. 805.00
11
Appraisal
$
*
I.E. 805.00
12
Credit Report
$
*
I.E. 805.00
13
Title Search/Insurance
$
*
I.E. 805.00
14
Survey
$
*
I.E. 805.00
15
Loan origination fees
$
*
I.E. 805.00
16
Discount points
$
Calculated
17
(Loan Points % amount)
*
18
Prepayment penalty
$
*
I.E. 805.00
19
Legal Services
$
*
I.E. 805.00
20
Miscellaneous
$
*
I.E. 805.00
21
Total Costs
$
Calculated
22
Months to recoup
(divide toal costs by total monthly savings)
Calculated
* Require your input
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