Mortgage Calculator Refinance Vs Extra Payments

Not only is a home is the biggest purchase most of us ever make the interest on the mortgage alone typically adds up to more than we ll spend on anything else. The funds used for extra payments are or could be invested in cds bonds or other assets and would earn the return being paid on those assets. We estimate closing costs at about 2 of the loan amount but if costs for your situation are higher plug in in the dollar figure and we ll tell you the interest rate that your monthly or lump sum prefi will buy you.

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15 years from now the new loan would be paid off but you would still owe 22 802 13 on your current loan if you made the extra payments.

Mortgage calculator refinance vs extra payments. Refinancing requires you to shop for a loan apply provide documentation and be available for an appraisal and the closing. Extra payments reduce the expected life of the loan which other things the same reduces the benefit from the refinance. Refinancing cuts the interest if you take out a new home loan when the rates drop. If you have the cash for closing costs but can t qualify for a refinance use those funds to prefi your mortgage by sending in a little extra each month or even all at once.

Clearly refinancing would save you money if you were going to be in the home 15 years or more. You still send in your monthly mortgage payment but for a higher amount. Extra payments that borrowers expect to make in the future should be factored directly into the refinance decision process. In using the refinance calculator you should shorten the term of the new mortgage accordingly.

The prepayment decision in contrast is best viewed as an investment decision. You can also save money by making extra payments on the principal. Making extra payments is more convenient than refinancing also. Mortgage refinance calculator 3a pulls these and other factors together to quantify the savings and costs.