Search results
So, I'm looking to refinance, but am struggling to find a calculator that can tell me exactly when I'd break even on the mortgage. I'm looking for something where I can enter in my original mortgage info, as well as my new quotes (rates, closing costs, etc.) and figure out which option makes the most sense for me.
Divide your refinancing expenses by your monthly savings, and you get your break-even point. In this case, $5,000 ÷ $250 = 20 months. While the formula itself is very simple, keeping track of all of the data points needed to refinance your mortgage can be trying. More than anything, a break-even calculator is an organizational tool that can ...
Get in Touch. American Federal Mortgage Corporation. NMLS # 2756 360 Route 24 Chester, NJ 07930 Phone: 888-321-4687 or 973-927-0400. Fax: 866-457-1041
Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment ...
Mortgage Refinance Calculator. How long will it take to break even on a mortgage refinance? You can find out in about 2-3 minutes by simply factoring in your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. Start crunching some numbers to see if refinancing is a solution for you.
Aug 28, 2020 · When considering refinancing a mortgage, Clark Howard believes that most people can use his 30-month breakeven method to decide whether or not to go through with it. “If you can make back the cost of the refinance in 30 months or less, you should do it,” Clark says. “It just makes financial sense. That’s the trigger.”.
Mortgage Refinance Calculator. Use this calculator to determine how long it will take to break even regarding the cost of refinancing. This calculator will take the difference between your current payment and your new lower payment and then show in terms of months how long it will take to break even. **total finance charges may be higher over ...
