If so, this calculator will help you decide what course of action is most advantageous to your bottom line.
First enter the information pertaining to your first mortgage, including the principal balance, monthly payment amount, and the current interest rate attached to the loan.
That way you can easily budget with a structured payment plan and an assured pay-off date.
If applicable, include the same information for your second mortgage.
Follow that with the interest rate and the number of years you’ll be refinancing at.
We use this to calculate the interest you will pay on this loan and the number of payments that are remaining.
High interest debt on credit cards, auto loans, or other consumer loans can be difficult to pay off and may create a barrier to your financial goals.