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Below are three calculators that can assist you in determining mortgage payments and whether refinancing is right for you.
The Mortgage Calculator below is a very easy way to determine how much your monthly or bi-weekly payment will be for a particular loan, based on your interest rate and the term. Just select the year your loan begins and fill in three boxes. That's all there is to it.
You can also get a printable amortization table based on the information you entered in the calculator form. Once your information is computed, click 'Amortize' and a pop up window will appear with the information.
The Interest Only Mortgage Calculator below will calculate how much your monthly payment will be for a particular loan for an interest only mortgage. An interest-only mortgage means you pay only the interest portion of your monthly payment, freeing up for other purposes the amount that would normally go toward paying off the principal. Just fill in three boxes: Loan Amount, Annual Interest Rate and Loan Term in Years. Then click on the 'Calculate' button.
The Mortgage Refinancing Calculator below will help you to
determine whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.
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