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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Jay Patel

Certified Mortgage Consultant

NMLS #274709, Over 25 Yrs Exp.

(714) 970-0882

Refinance Analysis & Comparison
Enter the number of years until you expect to sell or refinance again
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
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.

The information contained in these calculators and reports is for informational purposes only. The use, presentation or receipt of this information does not constitute an offer to lend, an application, a Good Faith Estimate, 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 (APRs) can also vary at any time and are presented as approximations. APRs shown here 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.

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