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How to Refinance: Use a Mortgage Calculator

by Gabriel  Traverso
Mortgage Directory Columnist

Refinancing your mortgage can be a time-consuming and sometimes confusing process. Using a mortgage calculator can help you plan and budget for your new loan.

Mortgage Refinancing

These days you are not alone if you are considering a mortgage refinance. Many homeowners now find themselves with rising mortgage payments and refinancing may be the best way to get things back under control. Using a mortgage calculator allows you to determine what you can afford--especially if you want to get cash out when you refinance. A good mortgage calculator can tell you how much your payment will be, including interest and principal, based on the loan you are looking for and the rate you plug in.

Using a Mortgage Calculator

If your current payments are affecting your finances, a mortgage calculator can help you budget your refinance so that you don't borrow more than you can afford. MorgageDirectory.org features a mortgage calculator tool that can help you with your refinance planning. To use it you need the following information:
  • Your mortgage principal
  • Your interest rate (look online for current rates for the type of mortgage you're looking for)
  • How much you pay in property taxes
  • Your mortgage insurance cost, if applicable
Plug in your current mortgage information to make sure you are using the mortgage calculator correctly. You should be able to plug in the details and get the same payment you're currently making. Then plug in the details for the loan for which you want to calculate the new payment.

Compare Quotes

Remember that by using a mortgage calculator you are simply taking a step toward planning your refinance--the calculator is just a tool and not necessarily what your lender can offer you. Once you've found new payments that \ work for you, shop around. Get quotes on the same loan and the same terms from several lenders and compare offers to make sure you get the best possible deal on your refinance.

About the Author
Gabriel Traverso is a freelance writer, independent musician, and artist. He resides in Reno, NV.

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