When using a refinance breakeven analysis mortgage calculator what should I be looking for when I am trying to calculate the breakeven analysis for a home loan refinance?

The amount time it takes to breakeven on the costs of obtaining a new home loan depends on a variety of factors.  These factors will include the interest rate on the existing home loan, the new loan interest rate, closing costs and how long you plan to stay in your home.  Using this mortgage calculator allows the user to sort through the numbers and determine if refinancing an existing mortgage is a sound financial decision.  When refinancing use this calculator and the mortgage payment calculator to be sure and pay attention to the interest rates and closing costs.  A lender might be able to provide you with a lower monthly payment through mortgage refinancing with their company, but this does not automatically make that the best loan choice.

This entry was posted on Monday, December 8th, 2008 at 9:35 pm and is filed under Mortgage FAQs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.