This is a simple Mortgage Calculator.
Directly input or use the sliders the amount of your loan, down payment, and term of your loan. The calculator will automatically make the calculation.
What information do I need to know before using this mortgage calculator?
This free and easy-to-use mortgage calculator will estimate the potential savings that you could realize from a refinance of your home. In addition, it can help you determine how much money you may be able to borrow given the current interest rates as well as other factors such as your monthly income. It can also provide an early indication of whether or not refinancing a loan may make financial sense for you at all.
How does the mortgage payment calculator work?
The first step is to enter your specific details into the form below. For example, type in the original balance of your current loan, its current annual percentage rate (APR), and its number of years remaining. You can then type in a new interest rate, as well as the number of years that you plan to keep the loan.
Review your results and see which one best applies to your current situation:
1. If refinancing your loan will provide you with a monthly savings, but will require a higher monthly payment, then it most likely does not make financial sense for you at all. In this case it may be best to wait until rates decrease again before refinancing your home.
2. If refinancing provides you with a better APR, but requires a higher monthly payment than what you already have right now then it is something that should be considered further. This analysis assumes that refinancing makes sense for people who are interested in saving money
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Having the right mortgage for the assets in your Revocable Trust is an extremely important part of your estate plan. As always, make certain that your revocable trust is fully funded and your assets are titled correctly.
If you are wondering where to start, then please download our Estate Planning Strategies guide available here.