This home refinance calculator allows you to compare your current mortgage to the a new potential mortgage in order to determine which mortgage may be more expensive. In order to use this refinance calculator visit the URL below. https://iqcalculators.com/calculator/refinance-calculator/ Read the terms and conditions before use.

1. HOME REFINANCE
CALCULATOR
Home Refinance: This is the process by which an
individual replaces an existing loan or mortgage and
begins a new mortgage with the intention of saving
money on interest expenses.
https://iqcalculators.com/calculator/refinance-calculator/
Home Refinance Calculator: This home refinance
calculator allows the user to compare their existing
mortgage to the new mortgage in order to help
determine which one is more expensive.

2. HOME REFINANCE
CALCULATOR
Entering Data In The Data Fields
Current Mortgage
Mortgage Length: The original length of your home
mortgage.
Original Mortgage Amount: This is the total amount of
your current mortgage when it first began.
Interest Rate: This is the interest rate on your original
mortgage.
Monthly Payment: This is the calculated monthly
payment on your existing mortgage.

3. HOME REFINANCE
CALCULATOR
Entering Data In The Data Fields
Current Mortgage
Years Left On Mortgage: This is the number of years
that you have left to pay on your current mortgage. By
entering this number, the amortization table in the
data table below will update to reflect your mortgage
in the current year.

4. HOME REFINANCE
CALCULATOR
Entering Data In The Data Fields
New Mortgage
New Mortgage: This is the mortgage that you are
thinking of replacing the current mortgage with in
order to save money on interest expense.
Mortgage Length: This is the mortgage length of the
new mortgage.
Interest Rate: This is the interest rate of the potentially
new mortgage.
Monthly Payment: This is the calculated payment on
the new potential mortgage.

5. HOME REFINANCE
CALCULATOR
Entering Data In The Data Fields
New Mortgage
New Down Payment: If the user desires to make a new
down payment when refinancing, enter that
information here.
Refinance Expenses: This is the expenses associated
with refinancing the mortgage such as broker fees.
Discount Rate: This is the rate at which each year's
mortgage payments will be discounted back to a
present value. By discount to a present value, it factors
the time value of money into the calculation.

6. HOME REFINANCE
CALCULATOR
Understanding The Results
Total Mortgage Payments: This is the total amount of
mortgage payments including all principal and all
interest. This allows both the current mortgage and the
new mortgage to be compared.
PV of Mortgage Payments: This is the total of the
present value of all mortgage payments. This is the
present value as calculated based on the discount rate
chosen.

7. HOME REFINANCE
CALCULATOR
Understanding The Results
The Table
Balance BOY: The balance BOY is the balance
beginning of year.
Principal: The total principal payments for that year.
Total Payment: This is the total mortgage payment for
that year
Interest: The total interest payments for that year.

8. HOME REFINANCE
CALCULATOR
Understanding The Results
Loan Balance Chart
Loan Balance Chart: This line chart displays the line
chart of the current loan balance and the new loan
balance to compare the time it takes to pay each one
to zero.

9. HOME REFINANCE
CALCULATOR
Understanding The Results
Principal and Interst Chart
Principal and Interest Chart: The principal and interest
chart shows principal and interest being paid over
time. The "new down payment" is added to the
principal payments in year 1.

10. HOME REFINANCE
CALCULATOR
Understanding The Results
Total Loan Payments
Total Loan Payments: Total loan payments show a
cumulative running total of the mortgage payments for
each mortgage to illustrate the crossover point where
one becomes more expensive than the other.

11. HOME REFINANCE
CALCULATOR
Understanding The Results
PV of Total Loan Payments
PV of Total Loan Payments: This chart discounts the
total payments over time to a present value in order to
adjust for the time value of money.

12. Visit Us On Social Media
Click Here to Use This Home Refinance Calculator
Read The Terms and Conditions Before Using
https://iqcalculators.com/calculator/refinance-calculator/