Mortgage Consolidation & Refinancing
Calculator Version 2
This mortgage consolidation & refinancing
calculator 2 is a bit different from version 1 in that you
can determine if it is economically sensible for you to consolidate
your 1st mortgage, or the consolidation of your 1st and 2nd
mortgage into 1 single low interest rate mortgage. It will
compare your currently monthly mortgage payments with your
payments on the new refinanced interest rate, outputting the
net savings you will have (Monthly Payment Reduction).
The mortgage refinancing calculator is so sophisticated that
it will also output the break even point on your closing costs.
Here is a sample output generated from this calculator:
refinance your current 9.00% mortgage and your current 8.00%
mortgage into a single 7.00% mortgage, your monthly payment
will increase by $163.55 and you will save $672,281.41 in
interest charges over the life of the mortgage. However, in
order for this refinancing to yield any savings at all you
will need to stay in your current home for at least 19 months.
That's how long it will take for the monthly interest savings
to offset the closing costs attributable to refinancing."