Loan amount calculator

Calculating the amount of the loan at compound and simple mode. Need information: the amount of the annuity, the interest rate, the number of annuities and how much the monthly installment.

Annuity Annual Interest Rate
Number of annuities How much is the monthly annuity
The repayment period in months
Loan-compound method Loan-Simple method

.

Home Mortgage Loan Refinancing Online

When refinancing your home

it’s helpful to know a few things about refinancing. When you refinance, you usually pay off the old loan and sign for a new loan, whether you are refinancing your 1st mortgage, second mortgage or home equity loan. The expenses that come in to play when refinancing is the new closing costs and points charge for getting a new loan.

calculator

How much can you expect in closing costs for a refinance? Usually between 3-6% of the total loan amount. So, for a loan amount of $150,000, you can expect to pay around $7 in fees. Usually, a company that will say that have no closing costs, will also charge a higher interest rate to compensate. The mortgage broker has to make money somehow, they will either charge a higher interest rate or charge higher closing costs. The best way to compare refinance lenders is to analyze all of the expenses.

Should I pay down points on my loan? If you plan to stay in your home for more than 3 years, it may be smart for you to consider paying down points on the loan which reduces your interest rate. That pays off if you plan to stay in your home for a while, but if you plan to sell the home soon, you may lose more money paying down the points on the loan.

How can I know if I should refinance or not? If you are interested in finding out whether it would save you money, in the long run, to refinance with the current interest rate, there are financial calculators online that can help you determine if you would save money refinancing your house or not.

Leave a Reply