Using a Mortgage Refinance Calculator [mortgageinsurance-101.blogspot.com]
Martin H. asks, Do you know of any calculators that will determine how much additional principal payment would be needed on a monthly basis to pay off a mortgage by a specified date? Enter your current loan balance, monthly payment and interest rate ... Questions, answers about mortgages, refinancing
The Internet has made a lot of things so much easier for the average human being that if the plug were pulled tomorrow we would all of a sudden find ourselves in a very difficult position with respect to carrying out our daily routine. Because of its convenience there is something for everyone that they would miss if the Internet went down - not just from a sentimental point of view, but also because it would change how they did things, quite radically in some cases. One of the most important applications of the Internet is from a point of view of personal finance. A lot of people these days do their banking online. But it doesn't stop there, because getting the best deals on a range of financial products becomes a lot easier when the Internet is involved.
A mortgage refinance, for example, is something that more and more people are considering because of the state of the financial markets.
The markets falling has led to lower interest rates, and anyone clever enough and with a good enough credit rating to refinance to a fixed rate mortgage under the current circumstances can end up making a big saving. The idea is to pay off your existing mortgage with the new one and have a little left over to cover other debts - leaving you with one manageable monthly repayment. The key aspect of this whole idea is that you will be stretching those payments over a longer time - so you will have longer to wait for the magical "mortgage free" feeling. The payoff for you is that if you refinance at the right time, you can end up with a great deal.Finding the right deal is very much the key in this respect. If you use an online mortgage calculator before arranging your mortgage refinance you can find out exactly where you stand.
Taking into account your income and the current state of your finances a mortgage calculator will drive you towards the best deal for you. The best mortgage deal for you may not be the one which is best for others, and the calculator takes account of this. Overall, by paying attention you can save yourself a lot of money. The right mortgage refinance will often differ from the wrong one by an overall figure ranking in the thousands of dollars.Everyone likes to save money. The best mortgage refinance will allow the customer to do this not only in the short term, but can make the long-term level of debt you carry significantly smaller. The truth of the matter is that this will not be the case for everyone, and this is what the mortgage calculator is there to detect. If, for example, you only have five years until retirement and no significant pension plan, you will not be the best candidate for a mortgage refinance. In other circumstances, though, it could be the decision which allows you to unlock the potential of your income.
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