Mortgage Calculator Set
for
Purchase and Refinance

Although refinance and a purchase transaction are basically the same, you need a different kind of mortgage calculator for each case in order to make an informed decision.

  Simple Mortgage Calculator and Total Interest
How much will my loan payment be, and how much interest will I end up paying?
Don't forget to compare the results with the inexpensive alternative of obtaining a home equity line of credit.

  Refinance Mortgage Calculator and Total Interest  
Should I refinance? Includes break even analysis, and total interest expense. Depending on when you obtained your present financing, the new loan may cost you a lot more in the long run than your monthly savings.

  Average Interest Rate
What is the average interest rate for all of my outstanding debt? Helps you determine what the real benefit of the new rates are. Without this information you may very well be wasting money.

  Consolidation Mortgage Calculator
Should I consolidate my first and second into a single one? Helps you determine the answer.

  Mortgage Payment Calculator 
How much will my monthly payment be? And what does the amortization schedule look like?

  Refinance and Rate Comparison Mortgage Calculator
What difference will the mortgage interest rate make? Compares various rates and the difference they make.

  Real Estate Commission
Estimates the cost of selling your home.
 

Refinance Mortgage Tips

Refinance mortgage rates can very well be different than purchase money rates as in some cases adding to the loan

amount in order to consolidate debt, increases it beyond the conventional limit. Another factor that plays a role here is the fact that a lot of refinance mortgage programs will have an “add on” to the cost simply because it involves cash out. The reason for that is the perceived higher risk associated with a borrower who is cashing out equity.

The cost of obtaining new financing will also be effected by; Documentation level, occupancy and credit score. 

There are a number of factors that can influence your decision, and that’s why we have included a complete mortgage calculator set to help you to determine it's feasibility.

Rates being lower than your present one may not always be a good reason to refinance. Things to consider include but are not limited to; will you save in the total interest charges? What are the tax consequences? Can you include other debt and do a consolidation refinance? What will I do with the extra cash flow created, if any? The appropriate mortgage calculator can be very useful and eye opening.

If your simply need to consolidate a few credit cards, then you should also consider a home equity line of credit. You may very well be able to consolidate your debt without incurring the costs associated with a full blown refinance of your mortgage. Take your time and use the appropriate mortgage calculator to determine a course of action that will benefit you in the long run.

A complete mortgage calculator set is offered in the home purchase and sales section of this website that you may find useful. Even if you’re only interested in a refinance mortgage we suggest you visit that page too.