The most complete Amortization Refinance Calculator ever. Run limitless extra payment scenarios on a new or existing mortgage. Plug in extra monthly payments. Plug in extra yearly payments. Start extra monthly or yearly payments at a date of your choosing! Truly limitless options. This program will show your clients if they should refinance or not. It will show them when their new refinanced loan balance will be lower than their existing loan if they didn't pay it off. If you've ever wondered if someone should refinance this incredible program will remove all doubt.
11. Entering in Annual Taxes, Annual Homeowners Ins and Mortgage Insurance is optional. Click on the “Calculate Mortgage” button and a complete Amortization Calculator will appear. The Mortgage Tools TM
12. Enter in the Month you would close the new refinance here. The Mortgage Tools TM
14. Enter in the Year you would close the new refinance here. The Mortgage Tools TM
15. Enter in the number of years the existing loan was for here. The Mortgage Tools TM
16. Enter in the new refinance loan amount here. The Mortgage Tools TM
17. Select the new interest rate here. The Mortgage Tools TM
18. Entering in Annual Taxes, Annual Homeowners Ins and Mortgage Insurance is optional. Click on the “Calculate Mortgage” button and a complete Amortization Calculator will appear. The Mortgage Tools TM
19. The Mortgage Tools TM Comparison Data: Monthly Pmt Savings = saving $79.16 per month on the new loan.
20. The Mortgage Tools TM ROI Date is the date when the new mortgage balance will be lower than the original loan if you never refinanced the original loan. In this case it doesn’t catch up!
21. The Mortgage Tools TM Early Payoff is how many months the loan would be paid off early. In this case there is no early payoff.
22. The Mortgage Tools TM Real Interest Savings is how much less interest would be on the new loan compared to the existing loan
23. The Mortgage Tools TM Here’s where the magic is! Let’s choose making an extra payment from the start of the loan equal to the monthly savings on the new loan
24. The Mortgage Tools TM Put the monthly savings info in these 3 boxes and click on“Re-calculate”
25. The Mortgage Tools TM What a difference! New loan paid off in 12/2016. Pay off new loan 49 months early. Save 29,689.47 in interest ! If they are staying in the home past 12/2016 then this client needs to refinance. They will save a grundle!
26. But wait – any calculator can do that……. This is where the fun begins. The Mortgage Tools TM
27. The Mortgage Tools TM And the fun begins. Now enter a yearly amount – say like Federal Income Tax refund every April for $850. Then click on recalculate
29. The Mortgage Tools TM Enter a 3 rd scenario. Your client will pay off an auto loan 9 months from now and will put the $350 per month car payment into the house payment until they are ready for a new car - let’s say for 36 months.
30. The Mortgage Tools TM 9 months from now and will be Nov of 2009. 36 pmts would be thru Oct 2012. The pmt amount is $350 per month. Click on the Re-calculate button
31. The Mortgage Tools TM Look at the savings! The refinanced loan will have a lower loan amount than the existing loan in 10/2010.
32. The Mortgage Tools TM It will be paid off 108 months earlier than the existing loan.
33. The Mortgage Tools TM And the savings in interest is $84,012.62 Ready for another scenario? Run as many scenarios as you like!
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35. “ Make extra MONTHLY payments from the start of the loan thru the end of the loan.” This is the same as all Amortization calculators. Add in an extra monthly payment such as in a refinance. Saving $300 per month? Add $300 a month extra to the new loan. The Mortgage Tools TM
36. “ Make extra MONTHLY payments from a date in the future for a specified period of time.” If you have a vehicle that is about to be paid off that has a monthly payment of $350 then you can put in the date the vehicle will be paid off and start paying the $350 per month into your mortgage. If you are going to wait 36 months before you purchase a new vehicle at $350 per month, then you can put in the $350 per month payment into the mortgage for the 36 months (or whatever other number you prefer). The Mortgage Tools TM
37. “ Make extra MONTHLY payments from a date in the future thru the end of the loan.” Let’s say that 60 months from now, retirement income will come in and you want all the retirement income to go towards the house payment until the loan is paid off. Just put in the date you want to start paying, and how much per month. The Mortgage Tools TM
38. “ Make extra YEARLY payments from the start of the loan thru the end of the loan.” Every year you get a Federal Tax Refund and you want to pay down your mortgage with it. Just put in the date you want to start, and it will calculate the savings thru the remainder of the loan. The Mortgage Tools TM
39. “ Make extra YEARLY payments from a date in the future for a specified period of time.” In this example, you want to take your IRS refund and pay it on the mortgage balance, but you want to take the first two years tax refunds and pay off other debt for 2 years, and then pay it on the mortgage for 5 years. Just put in the start date, end date and extra payment amount. The Mortgage Tools TM
40. “ Make extra YEARLY payments from a date in the future thru the end of the loan.” In 5 years you will begin receiving dividends from an employer and you want all the money every single year to go into your mortgage thru the end of the loan. Just select the start date and your done. The Mortgage Tools TM
41. Truly endless combinations of extra payment scenarios. Have a suggestion of one we could put in as an example? Send it over! The Mortgage Tools TM
