California Home Finance- Questions to Ask Yourself


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Refinance Calculator

Will I Save Money if I Refinance? How Long until I Recoup my Costs?

The calculator below is meant to help you determine whether it is cost effective for you to refinance your existing loan. The left side of the calculator is designed to compare your existing loan with a new loan. The right side of the calculator will calculate the total costs of the loan and return how many months it will cost you to recoup the costs of the new loan.

Do not enter the ($) sign. (*) indicates a required field. The fields inside a Purple border will automatically total for you as you enter your information so there is no need to enter any figures in these fields.

Will I save money if I

What will this loan cost and how

refinance my existing loan?

long will it take to recoup the cost?

*	Original loan amount
*	Term on current loan (Yrs.)
*	Current interest rate
*	New interest rate
*	New loan term (Yrs.)
.	Negative # = Cost - Positive # = Save
	Current Monthly P&I pymt.
	New Monthly P&I pymt.
	Difference in payment
	Interest on current loan
	Interest on new loan
	Difference in interest

If the new loan above has a higher interest rate and/or shorter term, the computed totals may return a negative figure in the "Difference in payment" box. This would make the "Months to recoup costs" at the right also return a negative figure. If your new loan won't save you money, there is no way to recoup the costs of the loan.

	Points Paid (i.e.: 1.5)
	Application fee
	Appraisal fee
	Credit Report
	Processing fee
	Title Search
	Title Insurance
	Escrow fee
	Underwriting fee
	Document Prep. fee
	Local Taxes, etc.
	Attorney's fees
	Inspections
	Other Costs
.	Check Results Below
	Cost of Points Paid
	Total Costs
	Months to recoup costs

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California Home Finance