Crunch the Refinance Numbers With Mortgage Calculators
You don’t have to be an expert to make smart borrowing decisions. The GetSmart® mortgage calculators can help answer your refinance questions. Here’s more on what each calculator does and how it works.
Cash-out refinancing versus home equity loan calculator
There are several options for accessing the equity in your home. Use this calculator to compare monthly payments and long term costs associated with a cash-out refinancing and home equity loan. You will need to know the current value of your home, as well as your original mortgage information – loan amount, interest rate and term. You then compare the interest rates for a new mortgage and home equity loan. If you don’t already have loan offers, you can find national averages at www.freddiemac.com.
Refinance savings calculator
Refinancing can save you money in the long run, but the up-front price tag of refinancing can be hefty. Use this calculator to find out if you’ll save money by refinancing. This calculator will help you determine the break-even point of your refinance – how many months of lower payments will make up for the closing costs on your new loan.
Be sure to find out if your current loan has a penalty for paying off your loan early. If you decide to buy discount points to lower your rate, keep in mind this will increase your upfront costs and increase the length of time to reach your break-even point.
Debt consolidation calculator
Overwhelmed by monthly bills? Use this debt consolidation calculator to see if you could lower your total monthly payments with a consolidation loan. You could consider consolidating loans and debts such as a car loan, credit card debt, retail store credit (furniture, appliances or electronics, for instance). Since your monthly payment on credit cards varies, estimate by using an average of what you usually pay, or by taking a percentage your card balance.
These refinance calculators are designed to help you make smart financial decisions. The more accurate the information you input into the calculator, the more applicable the results.
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