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| How long will it take to breakeven
on a mortgage refinance? That depends on a multitude of factors.
These factors include your current interest rate, the new
potential rate, closing costs and how long you plan to stay
in your home. Use this calculator to sort through the confusion,
and determine if refinancing your mortgage is a sound financial
decision. Click the "View Report" button for a detailed look
at your records.
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| Definitions |
-
Original mortgage amount
- Original amount of your mortgage.
- Appraised value
- The appraised value of
your home when you purchased
it.
- Current
term
in
years
- Total
length
of
your
current
mortgage
in
years.
- Years
remaining
- Number
of
years
remaining
on
your
current
mortgage.
- Income
tax
rate
- Your
current
income
tax
rate.
- Calculate
balance
- To
let
the
calculator
determine
your
remaining
balance,
based
on
your
original
loan
information
and
years
remaining,
check
this
box.
To
enter
your
own
amount,
leave
this
box
unchecked.
- Current
Appraised
value
- The
current
appraised
value
of
your
home.
- Loan
balance
- Balance
of
your
mortgage
that
will
be
refinanced.
- New
interest
rate
- The
annual
interest
rate
for
the
new
loan.
- New
term
in
years
- Number
of
years
for
your
new
loan.
- Loan
origination
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