KatieJ Posted January 3, 2012 Share Posted January 3, 2012 Interest rates are low, but so is my payoff amount. I am trying to find a place where I can plug in numbers and figure out if it's worth my time to refinance or not. I have to be able work on some variables like number of months, and how much it would take to pay it off in 4 years. I can't get a loan for less than 5 years and I am on track personally to get it paid off faster than that. However, 5.5 percent interest is much higher than the 3.25 percent they are quoting me, I just can't come up with the right figures to decide if it's worth it or not. Quote Link to comment Share on other sites More sharing options...
Parrothead Posted January 3, 2012 Share Posted January 3, 2012 Would this one help? Quote Link to comment Share on other sites More sharing options...
jennsmile Posted January 3, 2012 Share Posted January 3, 2012 http://www.bankrate.com has a good one. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted January 3, 2012 Share Posted January 3, 2012 Interest rates are low, but so is my payoff amount. I am trying to find a place where I can plug in numbers and figure out if it's worth my time to refinance or not. I have to be able work on some variables like number of months, and how much it would take to pay it off in 4 years. I can't get a loan for less than 5 years and I am on track personally to get it paid off faster than that. However, 5.5 percent interest is much higher than the 3.25 percent they are quoting me, I just can't come up with the right figures to decide if it's worth it or not. I love this one. http://www.daveramsey.com/article/mortgage-calculator/lifeandmoney_realestate/ Personally, if you are on track to pay it off in less than 5 years, I would not bother with refi. Just put the money it would cost to refi toward your principle.... And congratulations! Quote Link to comment Share on other sites More sharing options...
acurtis75 Posted January 3, 2012 Share Posted January 3, 2012 In general, the only reason to refinance is to save money or time. If you can refinance for 5 years and the reduction in payment is enough that you can accelerate and pay it off than you are currently scheduled to do then go for it. The loan officer you are working with on a potential loan should be able to provide you a truth in lending disclusure which full fees and also an ammortization schedule which shows you the loan with the difference in payment (the savings between your current payment and the proposed payment) applied to the principle monthly. This schedule would be the most accurate way to determine payoff. Quote Link to comment Share on other sites More sharing options...
KatieJ Posted January 4, 2012 Author Share Posted January 4, 2012 www.bankrate.com has a good one. Thank you. I had just found this one when I found your post. It was exactly what I was looking for and yes, we are going to refinance. Even with the cost, I can get it paid off in just over 4 years now with my current payment plan. Would be nice to accomplish that sooner! Quote Link to comment Share on other sites More sharing options...
KatieJ Posted January 4, 2012 Author Share Posted January 4, 2012 I love this one. http://www.daveramsey.com/article/mortgage-calculator/lifeandmoney_realestate/ Personally, if you are on track to pay it off in less than 5 years, I would not bother with refi. Just put the money it would cost to refi toward your principle.... And congratulations! That has been the advice I have been given for the past couple of years. However, the interest rate now is 2.25 percent lower than what my mortage is at, and even factoring in putting the refi costs on my loan right now, I am still further ahead to refi. I can cut a few more months of payments off at the end saving me quite a bit there, which is actually where I come out ahead. So I plan to throw whatever I can at this loan and get it paid off in the next couple of years. We have bene doing lots of remodeling, and now that's mostly done, I think I can do this. Quote Link to comment Share on other sites More sharing options...
Random Posted January 4, 2012 Share Posted January 4, 2012 This page has tons of calculators: http://www.dinkytown.net/ Quote Link to comment Share on other sites More sharing options...
Random Posted January 4, 2012 Share Posted January 4, 2012 That has been the advice I have been given for the past couple of years. However, the interest rate now is 2.25 percent lower than what my mortage is at, and even factoring in putting the refi costs on my loan right now, I am still further ahead to refi. I can cut a few more months of payments off at the end saving me quite a bit there, which is actually where I come out ahead. So I plan to throw whatever I can at this loan and get it paid off in the next couple of years. We have bene doing lots of remodeling, and now that's mostly done, I think I can do this. This may or may not apply to you, but we were in a similar situation recently. We wanted to refinance because rates were so low and we could pay off our mortgage more quickly. The problem was that because we needed a relatively small loan, the rate for OUR loan would have been relatively high. (We have excellent credit, low LTV ratio, etc,) Have you checked at lendingtree.com to find out what rate you could actually get? Sometimes, with a small balance, the rate will be higher than the 'going rate.' Quote Link to comment Share on other sites More sharing options...
KatieJ Posted January 4, 2012 Author Share Posted January 4, 2012 This may or may not apply to you, but we were in a similar situation recently. We wanted to refinance because rates were so low and we could pay off our mortgage more quickly. The problem was that because we needed a relatively small loan, the rate for OUR loan would have been relatively high. (We have excellent credit, low LTV ratio, etc,) Have you checked at lendingtree.com to find out what rate you could actually get? Sometimes, with a small balance, the rate will be higher than the 'going rate.' I have checked and got a quote. We are using a local mortgage broker that we have used in the past and I got a quote yesterday which was lower than a quote I had recieved the day before. But thanks! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.