Is Now a Good Time to Refinance?
Enter the information about your current loan and then the proposed refinance rate and term scenario.  The savings shown is based upon how many years you indicate you will stay in the home.  Real estate taxes and the payment you will skip during the refinance process will either need to be paid at closing or financed.    If financed you should not consider them as closing costs because they are something you would be paying even if you kept your current loan.  Standard Closing costs range from about 2,000 to 3,000, excluding any points or origination fees.   Your loan officer will give you a complete Good Faith Estimate when you complete the refinance paperwork

Existing Loan
Original term of your loan:
Your original loan amount:

$

Your current loan balance:

$

How long you have had
this loan:		 yrs.mos.
Your current interest rate:

%

New Loan
Your new loan amount: $
Your new mortgage term:
Your new interest rate: %
Your estimated closing costs: % or $
How long you plan to stay in your home after refinancing: years

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1) Payment Analysis
Existing Loan Payment Amount:*
New Loan Payment Amount:*
Savings/Loss from difference in monthly payments:
Amount saved over years due to decreased payment amount:
*Monthly payment amount includes principal and interest only. Monthly taxes and insurance are not included.
 
2). Reduction of Loan Principal Analysis
Principal reduction of existing loan after years if you DO NOT refinance: $

Principal reduction of new loan after years if you DO refinance:
$

Savings/Loss from difference in the principal reduction after years:
$
3). Estimated Cost to Refinance:(Closing costs only include the costs listed above and many not include any discount points or mortgage insurance savings)
$
Total Savings/Loss With This Refinance Scenario     (  1 +   2   minus 3   ) $

Call us today to Discuss the Money You can Save
American Midwest Mortgage Company
Tim Bradford 216-324-8113