The Forbes mortgage refinance calculator is a great way to get an estimate of how much money you could save by refinancing your mortgage. To use the calculator, you’ll need to know the following information.
Your Current Monthly Mortgage Payment
To determine your current monthly mortgage payment, add up your current monthly mortgage expenses. This includes your mortgage principal, interest, property taxes, and private mortgage insurance (PMI) if you have it. You’ll ultimately be comparing this number to your estimated monthly repayment after refinancing. If your mortgage payment is lower, you’re ahead of the game! If your mortgage payment is higher, you may want to consider refinancing to get a lower rate.
Your Current Mortgage Interest Rate
The interest rate on your mortgage is one of the most important aspects of your loan. It can affect your monthly payment, how much you pay over the life of the loan, and whether refinancing is right for you. You can get this information from your lender, who will be able to tell you the interest rate on your current loan as well as any current offers they may have. Alternatively, you can check your account statement for details including your interest rate and more. It’s important to stay on top of your mortgage interest rate, especially if you’re thinking about refinancing. The interest rate you get on a new loan could save you thousands of dollars over the life of the loan. So if you’re not happy with your current rate, it’s worth looking into refinancing.
The Balance Left on Your Mortgage
There are a few different ways you can find out how much money is left on your mortgage. One way is to call your mortgage company and ask for a statement. This statement will show you how much money is left on your mortgage, as well as your monthly payments and interest rate. Another way to find out how much money is left on your mortgage is to check your mortgage balance online. Most mortgage companies have a website where you can log in and view your account information. This will also show you your monthly payments and interest rate.
Your Potential New Mortgage Interest Rate
When you are in the market for a new mortgage, it is important to get the best interest rate that you can. Talk to a few different lenders and get quotes from them. This will give you a good idea of the interest rates that are available to you. Your credit score is also important when it comes to getting a good interest rate. Make sure to keep your credit score as high as possible so that you can qualify for the best rates.
Your Remaining Mortgage Term (in Years)
There are a few different ways that you can find your remaining mortgage term. One way is to contact your lender and ask for a statement that shows the remaining term. Another way is to look at your mortgage documents, which should have the term listed.
Your New Mortgage Term (in Years)
There are a few factors to consider when choosing your new mortgage term. The time you plan to spend in the home is one of the most prominent. If you plan to move out of your home in less than five years, a five-year mortgage term may be a good option for you. The interest rates are typically lower than a 10 or 15-year mortgage, and you won’t be locked in for a long period of time. If you plan to stay in your home for more than five years, a 10 or 15-year mortgage may be a better option, as the interest rates are usually lower than a 30-year mortgage.
Once you have this information, you can enter it into the Forbes mortgage refinance calculator. The calculator will estimate how much money you could save by refinancing your mortgage. It will also estimate your monthly mortgage payment and closing costs for the new mortgage.
If you’re thinking about refinancing your mortgage, the Forbes mortgage refinance calculator is a great tool to help you decide if it’s the right decision for you.
Disclaimer: This content does not necessarily represent the views of IWB.