Interest rates constantly fluctuate, so when is the time right to refinance your home? One of the tools that can help you decide this is a mortgage calculator.
It shows you what your new payments will be, and whether the difference is worth the leap right now.
The most common reason to do a straight refinance is to take advantage of lower interest rates to lower the payment or reduce the term (the number of years to finish paying off the note.)
To work with a refinance mortgage calculator, you’ll need to know details about your current loan like the original loan amount, the original term (number of years to pay off), the number of months you’ve already paid, your interest rate, and, perhaps, the number of years until you intend to sell.
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