These educational calculators set out to illustrate various mortgage-related scenarios or comparisons and should not be construed as an offer to lend.

Please refer to our formal disclaimer for more information.

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Michael Creed

Branch Manager

NMLS 50441

(262) 293-5144

mcreed@envoymortgage.com

CloseWithMichael.com/GetStarted

Refinance Analysis & Comparison
Enter the number of years until you expect to sell or refinance again
  Years
 
Enter Your Current and Proposed Loan Factors
  Current   Option 1   Option 2   Option 3
Original and Proposed Loan Amounts
     
Current and Proposed Interest Rates
     
Discount Points if any
       
Loan Term in Years
     
 
Monthly Principal and Interest Payments        
 
Monthly Savings vs. Current Loan
  =    
 
Enter the Approximate Closing Cost Factor
Approximate Base Costs using % of loan amount      
Cost of Discount Points
       
 
Total Approximate Closing Costs
       
 
Results
Months to Recoup Closing Costs
       
Total Payment Savings over years selected
       
 
Total Payment Savings less Closing Costs
   
 
The benefit of comparing different options, especially paying points vs. not or comparing different loan terms, becomes much more clear when done on the same page. Comparisons are most beneficial in this format where a particular number of years is selected to represent how long you expect to have your new loan. What at first may have been a quest for the lowest interest rate can now be more intelligently focused on finding the lowest cost over the life of the loan you plan to use. Such comparisons can go a long way to refute the "conventional wisdom" that the lowest rate is always the best choice. In fact, the best choice is the one that costs the least. Otherwise, if you won't be in your home or loan long enough to recoup the cost of paying for the lowest rate, your choice may prove to be just a low rate on a high priced loan. The alternative of minimizing closing costs while still saving on your monthly payment can often make more sense.


This is not a commitment to lend. Envoy Mortgage Ltd. - NMLS # 6666

The information contained in these calculators and reports are illustrations for informational purposes. The use, presentation or receipt of this information does not constitute an offer to lend, an application nor a Good Faith Estimate pursuant to the Real Estate Settlement Procedures Act, or estimate of fees. Where included, interest rates are subject to change at any time and are not intended to be viewed as the current market rate. Annual Percentage Rates (APR's) can also vary at any time, and are presented as approximations that are generally calculated conservatively and may be higher than the actual current market APR which will be determined and disclosed upon request of a formal Good Faith Estimate or upon application for financing. Every effort has been made to assure the accuracy of the information and mathematical calculations, however, the provider, makes no guarantee and maintains no liability for use of or reliance upon the results. Formulation of a scenario using these tools does not mean that the results are guaranteed. All loan products have guidelines and those rules or tolerances will vary based upon many factors including but not limited to loan to value ratios, income, employment history, debts, assets, creditworthiness and underwriter's review and approval. This is not a lock-in agreement or a commitment to lend.

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