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Mortgage Consolidation and Refinancing Calculator

Requirements: This calculator requires Netscape Navigator or Internet Explorer 3.0 or higher and that you have enabled JavaScript in your browser's user preferences panel.

Instructions: This calculator will help you to decide whether or not it would be advantageous for you to consolidate a first and second mortgage and refinance into a single mortgage with a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Important: Be sure to only include the principal and interest portion of your monthly payment, i.e., do not include any escrow portions (tax, insurance, etc.).

When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error.

First Mortgage
Enter the principal balance of your first mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter your first mortgage's current interest rate:
Second Mortgage
Enter the principal balance of your second mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter your second mortgage's current interest rate:
Refinancing
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
This is how much your monthly payment will be if you refinance:
Monthly Payment Reduction:
Number of months for interest savings to offset closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):

 

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Sunset Mortgage Company
"Financing Your American Dream"
Your Preferred Tampa Mortgage Broker and Tampa Refinance Broker
Web: www.mortgagebrokertampa.com | E-mail: sales@mortgagebrokertampa.com

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