New Mexico Energy Federal Credit Unionwww.nmenergyfcu.org
Now is the time to lock in a low interest rate for the period of your home loan. Refinancing your home could result in lower monthly payments, or even paying off your loan sooner while still making the same monthly payment. Use this calculator to determine if refinancing your home makes sense for you.
Original Loan Amount
Enter the current loan amount of your current mortgage.
Current Interest Rate
Enter the current interest rate on your mortgage.
Years Paid
Enter the total number of years you have been paying your mortgage.
New Loan Amount
Enter the loan amount of new mortgage. Including any cash back you want to take out. Do not add closing costs here. We will calculate them for you.
New Interest Rate
Enter the interest rate on your new mortgage.
Loan Term
Enter the new loan term. The shorter the loan term the larger your payment is going to be, but you can pay off your loan faster.
Discount Points
Discount points are a form of pre-paid interest that you can pay as a means of obtaining a lower mortgage interest rate. One point equals 1% of the loan amount. Enter the discount points on your new mortgage.
Originination Points
Origination points are a fee that a lender charges for originating the mortgage. The average origination fee equals one percent of the loan amount. You don't necessarily have to pay origination points, but if you don't pay this upfront fee, you can expect to get a higher interest rate on your mortgage. Enter the origination points on your new mortgage.
Closing Costs
Enter any closing costs including apprasials, settlement fees, etc. Do not include origination or discount points.
Years to Sell or Refinance
Enter the number of years you plan to hold this mortgage before you either sell the property, refi or pay it off.
Yearly Property Taxes
Enter your estimated yearly property taxes for your new mortgage. Property taxes are usually calculated as a percentage of your home's assessed value. For example, if you pay 0.5% in property taxes of the assessed value, a home assessed at $270,000 would have a yearly property tax bill of $1,350.
Yearly Property Insurance
Enter your estimated property insurance for your new mortgage. Lenders require that you carry home owners insurance on the property to protect their investment should a catastrophic accident occur.
Appraised Property Value
Enter the appraised value of your property. This value is used to determine if you need to pay mortgage insurance. Lenders require mortgage insurance if your loan to value ratio is less than 20%.
Refinance Information
Principle & Interest Payment
This is the principle and interest portion of your payment calculated from the data entered to the right.
Taxes and Insurance
Annual property tax and insurance are used to determine your total monthly mortgage payment. The tax and insurance annual payments are proportioned over 12 months and subtracted along with mortgage insurance to determine your principle and interest payment.
Mortgage Insurance
Mortgage insurance is a policy that insures the lender against loss should the homeowner default on a mortgage. Normally, if you have a down payment of 20% or greater you do not have to pay mortgage insurance. For the purposes of this calculation we calculate estimated mortgage insurance based on the value you entered for your home and the new loan amount.
Total Payment
Total payment of your current and new mortgage based on the input to the right.
New Mexico Energy Federal Credit Union
Serving employees and employee family members who work for NNSA/DOE and contractors in the New Mexico area. See website for details.PO Box 5400Albuquerque, NM 87185-5400(505) 845-6483www.nmenergyfcu.org
The Motley Fool 60-Second Guide to Smart Refinancing
The HomeLoanLearningCenter.com provides step-by-step information on how to become financially literate.
Homeownership Preservation Foundation is an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners.
