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 Refinance
 

Mortgage Consolidation & Refinancing Calculator
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):

This calculator is for estimation only.  Individual circumstances may cause variables to change.  This calculation is not an offer to extend credit. 




 Mortgage News
 


Housing bill key to cutting mortgage cost: Pimco (Reuters via Yahoo! News)   Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae and Freddie Mac is the best way to help the ailing housing market recover, the manager of the world's biggest bond fund said on Thursday.

Pimco-Housing bill is key to cutting mortgage cost (Reuters via Yahoo! News)   Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae and Freddie Mac is the best route to recovery for the beleaguered housing market, the manager of the world's biggest bond fund said on Thursday.

Massachusetts: After Fax to Mortgage Firm, a Suicide (New York Times)  A Taunton woman fatally shot herself soon after faxing a letter to her mortgage company saying that by the time they foreclosed on her house that day, she would be dead.

Freddie Mac: 30-yr Fixed-rate Mortgage Up On Inflation Woes (Fox News)  Freddie Mac: 30-yr Fixed-rate Mortgage Up On Inflation Woes

Four Tips to Help You Qualify for a Mortgage (Fox News)  Four Tips to Help You Qualify for a Mortgage

Prepay mortgage if you fear risk (Bankrate.com via Yahoo! Finance)   Your risk tolerance level determines whether prepaying the mortgage is wise, says Dr. Don Taylor.

HUD: Defunct mortgage broker broke federal law (The Arizona Republic)  TUCSON- Defunct mortgage lender First Magnus Financial Corp. broke a federal law by providing incentive payments to mortgage brokers, according to a report.

House OKs mortgage rescue legislation (Chicago Tribune)  Bush drops threat to veto mortgage bill The House has approved a sweeping plan to ease the most serious housing crisis since the Great Depression by providing aid to homeowners facing foreclosure and a federal backstop for struggling mortgage giants Fannie Mae and Freddie Mac. President George W. Bush drops a threat to veto the bill.

House approves mortgage rescue (The Philadelphia Inquirer)  WASHINGTON - The House approved a sweeping plan yesterday to ease the most serious housing crisis since the Great Depression by providing aid to homeowners facing foreclosure and a federal backstop for the struggling mortgage giants Fannie Mae and Freddie Mac.

State regulator defends role in mortgage mess (Miami Herald)  Facing calls for his ouster after allowing thousands of criminals to sell home loans in Florida, the state's embattled chief mortgage regulator proposed changes that would toughen the law to help keep felons out of the industry.

 

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