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NIMMO Insurance Agency Inc. 815-986-3204

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NIMMO Insurance Agency Inc. 815-986-3204
7107 North Alpine Road
Loves Park, IL 61111
Phone: (815) 986-3204
Fax: (815) 828-2222
tom@nimmoinsurance.com
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Printed from: www.nimmoinsurance.com
  • Nimmo Insurance Agency Inc.
  • 7107 North Alpine Road, Loves Park, IL 61111
  • (815) 986-3204 | tom@nimmoinsurance.com

Mortgage Refinancing

Should You Refinance Your Mortgage?

When mortgage interest rates fall, refinancing becomes an attractive option for many homeowners, but there other things to consider.

During the past few years, record numbers of Americans have refinanced their home mortgages as a result of historically low interest rates. This calculator is designed to help you determine whether you should consider refinancing your mortgage.

Loan origination fees are typically charged by the lender to process your loan (1 point = 1 percent).

 

Fixed costs could include fees for items such as the appraisal, notary, inspections, and recording fee.

 

Your Results

The results below show the estimated cost of refinancing, your current and refinanced mortgage payment amount, the monthly savings, and the amount of time it will take you to recoup the costs of refinancing. If you plan to sell your home before you recoup the cost of refinancing, it may not be worthwhile. However, if you plan to stay in your home beyond that time, refinancing could possibly save you a substantial amount of money.

Total estimated refinance costs: $0.00
Current monthly payment: $0.00
Estimated monthly payment (refinanced): $0.00
Monthly savings: $0.00
Break even (in months) to recover refinancing costs: 0

The calculation above assumes the refinance costs are not added to the new loan. This hypothetical example assumes your mortgage is subject to refinancing.

The graph below illustrates the difference between your current mortgage and the mortgage you are considering. You can see what the balance and payoff time would be for each mortgage. Although your monthly payments and overall expenses may be reduced if you refinance, the term of your payments may be longer. For example, if you have been paying on your current 30-year mortgage for five years and you refinance a new 30-year mortgage, you will be making payments for an additional five years.

Projected Refinance Costs

 

The calculation above assumes the refinance costs are not added to the new loan. This hypothetical example assumes your mortgage is subject to refinancing.

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2018 Emerald Connect, LLC. All Rights Reserved.

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Contact Us

NIMMO Insurance Agency Inc. 815-986-3204
7107 North Alpine Road
Loves Park, IL 61111
Phone: (815) 986-3204
Fax: (815) 828-2222
tom@nimmoinsurance.com
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