Chimponomics Refinance Calculator Help

Refinancing your mortgage can provide several advantages. The primary reason to refinance a mortgage is to benefit from a lower interest rate when one is available, which should result in lower monthly mortgage payments. It can also make sense to refinance your mortgage if you would like to change the mortgage term, or to take some cash out.

With the Chimponomics Refinance Calculator, you can easily determine if it makes sense for you to refinance your current mortgage. You can quickly compare various scenarios with different mortgage rates, mortgage terms, refinance costs, and cash out amounts

The key elements of the calculator include:

Original Loan Amount

The amount of your original (current) mortgage that you are considering refinancing

Current Balance

The estimated balance of your mortgage as of today. It is calculated by subtracting the principal paid from original mortgage loan amount

Cash-out

The amount of money you wish to cash out when you refinance; This amount will be added to your new mortgage amount

New Loan Amount

The new mortgage amount; It is the result of adding the cash-out amount to current balance

Refinance Costs

The amount of money that you have to pay the mortgage lenders (banks or other financial institutions) that provide you with their refinance service. You can choose to roll in the refinance cost, which means the refinance cost will be added to the New Loan Amount or you can choose to pay it separately

Break-even Point

The number of months required for the cumulative monthly payment savings to be at least equal to the refinance cost

Refinance Would Make Sense

It would if the new monthly payment is smaller than the original monthly payment. Otherwise, refinance wouldn't make sense.