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Tamela Roche

Email  
 Phone
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 617-245-4072

Coldwell Banker
Residential Brokerage

1730 Massachusettes Ave
Cambridge, MA
02138



 

                  

  


  

    

 


Boston, Cambridge, Somerville Mortgage Refinance Interest Savings

How much interest can you save if you refinance your existing Cambridge mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.

 

Refinance Interest Savings
Refinance Interest Savings

With this refinance you will INTEREST_SAVINGS_MSG.

Over the life of your new mortgage your total interest paid will INTEREST_SAVINGS and your monthly payment will MONTHLY_SAVINGS per month. BREAK_EVEN_IN_MSG

Refinance Results
Remaining interest on current mortgage REMAINING_INTEREST_ON_CURRENT_MORTGAGE
Interest on new mortgage INTEREST_ON_NEW_MORTGAGE
Interest payments Interest paid will INTEREST_SAVINGS.
Monthly payment Payment will MONTHLY_SAVINGS per month.
New loan to value NEW_LOAN_TO_VALUE
Breakeven BREAK_EVEN_IN_MSG

Refinancing will change your monthly payment for principal, interest, taxes and insurance from CURRENT_PITI to NEW_PITI. Your new loan will be CURRENT_BALANCE at NEW_RATE for NEW_TERM years. Closing costs are estimated at CLOSING_COSTS. To avoid PMI payments on your new loan you need a loan to value ratio of REQUIRED_LTV or better. Your loan to value ratio is currently estimated at NEW_LOAN_TO_VALUE. Additional refinancing results are summarized below:

Loan New vs. Refinance Comparison

Home Information
Original mortgage ORIGINAL_LOAN_AMOUNT
Number of payments made NUMBER_OF_PAYMENTS_MADE
Current mortgage balance CURRENT_BALANCE
Annual property taxes ANNUAL_PROPERTY_TAXES
Annual home insurance ANNUAL_HOME_INSURANCE
Appraised home value APPRAISED_HOME_VALUE

 
Original Mortgage
New Mortgage
Mortgage amount ORIGINAL_LOAN_AMOUNTCURRENT_BALANCE
Interest rate ORIGINAL_RATENEW_RATE
Term in years ORIGINAL_TERM_IN_YEARSNEW_TERM
Payment (PI) CURRENT_PAYMENTNEW_PAYMENT
Payment (PITI) CURRENT_PITINEW_PITI
Monthly PMI MONTHLY_PMINEWMONTHLY_PMI

Payment Schedule
**REPEATING GROUP**

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



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Mortgage Refinancing Definitions

Appraised home value
Current market value of your home.

Original loan amount
Total amount for your original mortgage.

Original rate
Annual percentage rate of your original mortgage.

Original term in years
The total number of years for your original mortgage.

Number of payments made
The total number of payments you have made on your original mortgage.

Annual property taxes
Your annual property taxes.

Annual home insurance
Your annual homeowner's insurance premium.

Monthly PMI
The amount you pay each month for PMI. This is usually between 0.5% and 2% annually of your loan amount if you have less than 20% equity in your home.

Current PITI
Current monthly Principal, Interest, Taxes and Insurance payment.

New rate
Annual percentage rate of your new mortgage.

New term
The total number of years for your new mortgage.

New mortgage balance
Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.

Closing costs
Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).

New PITI
New monthly Principal, Interest, Taxes and Insurance payment.

New loan to value
Total loan amount divided by the appraised value of your home.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.




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