-This property is worth around $601,000.
-The current mortgage on this property is $460,000.
-This gives us a loan to value ratio of 77%.
-This borrower's FICO score is 644.
-Their current interest rate is 6.61%.
-The current loan term is 30 years.
-The borrower has a current monthly payment of $2,941.
-This loan will be a stated income loan.
-The borrowers want to cash out at least $20,000.
-Their estimated mortgage loan closing costs (can include property taxes, escrow fee, etc.) are $5,000.
-That makes their new loan size after the refinance $485,000.
-Their new loan interest rate is 6.11%.
-Their new loan has a term of 40 years.
REFINANCE PAYMENT SIZE CALCULATOR To figure out the new payment on this refinance we will use the 'Refinance Payment Size Calculator' example below. Here is how the refinance will change your monthly payment. -The new loan amount after the refinance is $485,000.
-The new loan interest rate is 6.11%.
-Their new loan has a term of 40 years.
-The new regular monthly mortgage payment is $2,705.
-The total annual payment with this new mortgage loan is: $32,466.
-If you choose to do an interest only loan the monthly payments are $2,469.
-The total annual payment with an interest-only mortgage is $29,629.
-Your annual savings with an interest only mortgage loan are $2,837.
REFINANCE PAYMENT CHANGE To compare your current loan with a refinance on your property we will use the 'Refinance Breakeven Calculator' example below. If you take out a sizeable amount of cash from your property then sometimes your monthly payment will not go down, but taking the cash out can still make sense overall. -The current loan balance is $460,000.
-The current loan term in years is 30.
-The current interest rate is 6.61%.
-The current monthly payment is $2,941.
Here is the refinance payment comparison: -The total cash taken out through the refinance is $20,000.
-The total loan closing costs are $5,000.
-The current loan balance is $460,000.
-The new loan balance after the refinance will be $485,000.
-Their new loan has a term of 40 years.
-The new interest rate will be 6.11%.
-The new monthly payment will be $2,705.
-The change in monthly payments after the refinance will be -235. |
