You’ve heard all the mortgage stories and liked some. Now you want to know what it is going to cost you when you take out a refinance mortgage. The best and accurate source of information is the online mortgage calculator. But do you like what’s it’s telling you? Whatever it is, take heed.
Fact vs. Fiction
The sky is not falling and so are interest rates. But you can still find a comfortable rate that’s up your alley. Just take a long, hard look at the mortgage calculator after you’ve punched in your numbers.
You can use the online mortgage calculator to work out your monthly payments towards a refinance. The result will be based on the following:
1. selling price of your home.
2. the desired loan amount.
3. the preferred loan term.
4. percentage of downpayment.
5. interest rate of the loan.
6. percentage of Private Mortgage Insurance to be put up.
7. local property taxes.
The sum total will show the monthly fee you’ll be paying up for a period of x years. This amount will be stable for the duration of the loan term if you’re eyeing a fixed rate...
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