MyCalx

Refinance Comparison - Summary & Report

Your current and proposed loan option factors, payments and monthly savings are shown here:

1st Loan

Current

Original and Proposed 1st Loan Amounts
Current and Proposed Interest Rates
Discount Points if any
Annual Percentage Rate - APR
Current and Proposed Loan Terms
Monthly Payment

Monthly Mortgage Insurance MI/PMI

2nd Loan

Current

OPTION 1

OPTION 2

OPTION 3

Original and Proposed 2nd Loan Amounts
Current and Proposed Interest Rates
Discount Points if any
Annual Percentage Rate - APR
Current and Proposed Loan Terms
Monthly Payment

Total Monthly Payments

Closing Costs are approximated here. An official "Good Faith Estimate" will be provided upon application or an itemized worksheet can be provided upon request:

OPTION 1

OPTION 2

OPTION 3

Total Closing Costs

The cash to close or loan proceeds is calculated after taking into account your loan balance, costs, "pre-paid expenses" such as taxes, insurance and interest, etc. Cash or proceeds will be impacted positively or negatively depending on the loan amount used:

OPTION 1

OPTION 2

OPTION 3

Total Cash to Close

Loan Proceeds

Payment savings, break-even and the resulting rate of return your refinance transaction provides:

OPTION 1

OPTION 2

OPTION 3

Monthly Savings Current vs. New Loan

Months to Break Even Costs ÷ Savings

Rate of Return Annual Savings ÷ Costs

When using a shorter term loan, the payment savings may be negative. In this instance, looking simply at the average monthly interest savings over the years selected is a better way to analyze the benefit. Just keep in mind that your real rate of return can be higher as you will often pay down the principal faster too:

Number of Years Analyzed equals

OPTION 1

OPTION 2

OPTION 3

Average Monthly Interest Savings

Months to Break Even Costs ÷ Interest Savings

Rate of Return Annual Interest Savings ÷ Costs

Having already paid for what can be years on an existing loan, many borrowers don't like the idea of starting over again with a new loan. The secret to refinancing is that it's only a longer term if you let it be. You are in control of your loan and simply adding extra towards the principal can drastically shorten the years remaining:

1st MORTGAGE LOAN PRE-PAYMENT ANALYSIS

Current

OPTION 1

OPTION 2

OPTION 3

Extra Towards Principal

Loan Payment + Pre-Payment

Number of Years to Zero Balance

Total Loan Payments

Total Savings vs. Current Loan

Qualification Quick View:

OPTION 1

OPTION 2

OPTION 3

INCOME

CASH TO CLOSE

RESERVE FUNDS

LOW MID CREDIT SCORE

As you can see, this is a very comprehensive analysis and report designed to provide all the most important information needed to assist you in determining first, if a refinancing is worth your while and second, to then facilitate the selection of the best option for your situation and preferences. By using a selectable number of years for the analysis to represent how long you expect to remain in your home or to have your new loan, it is far more valuable in the decision making process than simply comparing one interest rate vs. another. What may have started as a quest for the lowest interest rate can now be more intelligently focused on finding the lowest real cost over the life of the loan you plan to use. This can go a long way to refute the "conventional wisdom" that the lowest rate is always the best choice. As in fact, the best choice is the one that costs the least and if you won't be in your home or loan long enough to recoup the cost of paying for the lowest rate, it may prove to be just a low rate on a inordinately high priced loan. The alternative of minimizing closing costs while still saving on your monthly payment can often make much more sense and this is especially true when the life of your loan may be shorter rather than longer.

LOAN BALANCE CALCULATION

Enter the current and starting dates to calculate your balance

Original Loan Balance

Original Loan Term

Current Interest Rate

Current Month and Year

Starting Month and Year

Principal Paid to date

Calculated Balance - Click box to use

WEIGHTED AVERAGE RATES

Current Loans

Loan Amount

Rate

Annual Interest

1st Mortgage Loan
2nd Mortgage Loan
Total Loan Amount

Weighted Average Rate Equals

Loan Option 1

Loan Amount

Rate

Annual Interest

1st Mortgage Loan
2nd Mortgage Loan
Total Loan Amount

Weighted Average Rate Equals

Loan Option 2

Loan Amount

Rate

Annual Interest

1st Mortgage Loan
2nd Mortgage Loan
Total Loan Amount

Weighted Average Rate Equals

Loan Option 3

Loan Amount

Rate

Annual Interest

1st Mortgage Loan
2nd Mortgage Loan
Total Loan Amount

Weighted Average Rate Equals

TOTAL ASSETS CALCULATION

To qualify, you must demonstrate the availability of the needed liquid funds to close and sufficient reserve funds for the program to be used

If applicable, calculate the Net Proceeds from the sale of an existing home in this section:

Enter Sales Price

Commission @

Transfer Taxes/Expenses @

Payoff balance on 1st Mortgage Loan

Payoff balance on 2nd Mortgage Loan/HELOC

Payoff balance on any other loans or liens

Total of all balances & expenses

Net Proceeds from Sale (Enter in liquid assets)

Liquid Asset Notes:		Reserve Asset Notes:

Liquid Assets available for the transaction

Reserve Funds that will not be used for the transaction

Checking / Savings 1

Checking / Savings 2

Checking / Savings 3

Checking / Savings 4

Retirement calculated at 60% and Brokerage at 70%

Total Liquid Assets Available

Retirement

Brokerage

Total Reserve Funds

Asset Qualification

Option 1

Option 2

Option 3

Required Cash to Close

Liquid Assets Available

Surplus or (-)shortfall

Months of Required Reserves

Reserve Amount Needed

Remaining Liquid less Reserves Needed

Reserves Avalable

Excess Reserves

TOTAL DEBTS

Debt Related Notes:

Click the icon to open Debt Consolidation Calculator

Monthly Debts

Current Balance

Payment %

Payment By %

Payment Used


























Maintenance, Alimony or Child Support
Maintenance, Alimony or Child Support

Totals

Qualifying Ratios

Option 1

Option 2

Option 3

Total Monthly Debt Payments

Income Ratio

Debt Ratio

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