Use this mortgage calculator to find out how much you will save
How To Use the Mortgage Calculator
- STEP 1: Enter the details of your loan.
- STEP 2: Click on the Calc button
- STEP 3: Review the value in the
To visualize yourself making these payments over the years click on the Chart button or the Payments Schedule button
TIP: In the Charts view mouse over the bars to see potential interest paid in a given year or month. Its quite interesting.
How much money will I save by refinancing?
To determine this
- STEP 1: Write down the value in the Total Interest field for your current loan.
- STEP 2: Update the Number of Payments field and the Annual Interest Rate to the new mortgage lenders loan offer.
- STEP 3: Click on the Calc button
- STEP 4: Review the value in the
Now subtract your existing mortgages total interest value from the new mortgage lenders loan offer.
This is how much money you will save by refinancing your mortgage into a shorter term loan. The number typically is astounding. Good luck!
If you need help, follow these simple steps
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