Refinance Calculator
Enter information for Existing loan and Potential loan # 1 / #2 and see the difference in total cost
(See all the help buttons for more explanation)
Enter information for Existing loan and Potential loan # 1 / #2 and see the difference in total cost
(See all the help buttons for more explanation)
This Graph shows the total cost at each snapshot time point. The column on the right shows the cost differences if you were to pay off, sell, or refinance your loan at that given time.
This bar graph illustrates the duration of each loan with the shaded bar(s).
A total cost number is displayed at each snapshot time point. Each total cost is a dollar figure that represents how much you will pay between Today's Date (or the New Loan Start Date if using the Purchase or Refinance calculator) and the given snapshot time point. Total cost figures take into account the interest rate and closing costs, etc. For more information, see section 4 of the Results (Detailed Explanation of Graph). The calculator will automatically recalculate total costs if you drag and drop the snapshots to other locations. For example, if you plan to move in 4 years, drag and drop one of the snapshots to Year 4.
The See The Difference numbers in the far right column help you compare. These are the most important numbers to reference anytime you are comparing loans side by side.
Existing loan to Loan #2
Loan #1 to Loan #2
This table shows HOW the total cost at each snapshot time point is calculated.
* Each item in the table refers to the cost that is paid between Today's Date/New Loan Start Date and the given snapshot time point.
"Cost" includes the following: principal and interest payments, appraisal cost, closing costs, points, and PMI, minus the savings from the tax deductions (U.S. only). The “Unpaid balance” changes every time you make a payment, so this chart also displays this number.
Note: this calculator rounds all loan amounts to the nearest $1,000. For example, if you roll $3,280 of closing costs into your loan amount of $210,000, the adjusted loan amount becomes $213,000 and the remaining $280 will be counted as part of the "cost". For example, in theory you would pay the $280 at the closing.
The amortization table shows the schedule which your loan follows. You can see exactly how much interest and principal you pay at each payment. Extra payments (if any are made) will be displayed in this table, but other values such as PMI, appraisal fee, and taxes and insurance are not included in the amortization of a loan.
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