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MORTGAGE REFINANCING CALCULATOR
(GETTING CASH OUT OF YOUR HOME)
This mortgage refinancing calculator shows you how much cash you can get out of your home if you refinance your current mortgage loan! When making the decision regarding a cash out refinance and using this refinancing calculator, you need to consider three things. - How long do you plan to live in the home? - How much will it cost you to refinance your mortgage loan? - How much equity do you have in your home? Once you know these three things, you can determine: - If your accumlated monthly savings from refinancing will be enough to recoup the costs of refinancing your mortgage loan - How much cash you can access for other purposes, like debt consolidation or home improvements When using this mortgage refinancing calculator, keep the following things in mind: - This calculator will assume that you have made all of your mortgage payments on time, as scheduled. - If you have made a couple of larger than normal payments to pay-down the loan principal, or if you have made some late payments, your actual loan balance on your current mortgage loan could be different. - This calculator only addresses the principal and interest (P&I) part of your loan, not any real estate taxes or insurance that might be part of your monthly mortgage payment. - When determining your home equity and using this mortgage refinancing calculator, you will have to estimate how much your property appreciated since you purchased it. - This calculator can only assume the rate at which your home has appreciated. When a lender calculates how much equity you have in your home for a cash-out refinance, it will rely upon a value determined by a professional appraiser.
MORTGAGE REFINANCING
CALCULATOR
ENTER YOUR PROPERTY VALUE INFORMATION
What was the purchase price of the home?:
$
How many years have you lived in the home? (use numeric value):
years
What is the annual property appreciation rate in your neighborhood? (use numeric value):
%
ENTER YOUR CURRENT MORTGAGE LOAN INFORMATION
What was your original loan amount:
$
Current loan's interest rate:
%
Loan term (use numeric value):
years
Number of years left to pay on current loan (use numeric value):
years
ENTER YOUR NEW MORTGAGE LOAN INFORMATION
New interest rate:
%
New loan term:
years
Costs related to new loan
(If you leave blank calculator will assume 3% of the outstanding loan balance):
$
Note: If you need some cash, CitiFinancial provides personal loans. Click
personal loans
, complete the online application and receive a conditional approval (or confirmation e-mail) in 5-minutes.
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