Refinance Interest Savings
Refinance Interest Savings
How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.
- Appraised home value
- Current market value of your home.
- Original loan amount
- Total amount for your original mortgage.
- Original rate
- Annual percentage rate of your original mortgage.
- Original term in years
- The total number of years for your original mortgage.
- Number of payments made
- The total number of payments you have made on your original mortgage.
- Annual property taxes
- Your annual property taxes.
- Annual home insurance
- Your annual homeowner's insurance premium.
- Monthly PMI
- The amount you pay each month for PMI. This is usually between 0.5% and 2% annually of your loan amount if you have less than 20% equity in your home.
- Current PITI
- Current monthly Principal, Interest, Taxes and Insurance payment.
- New rate
- Annual percentage rate of your new mortgage.
- New term
- The total number of years for your new mortgage.
- New mortgage balance
- Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.
- Closing costs
- Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).
- New PITI
- New monthly Principal, Interest, Taxes and Insurance payment.
- New loan to value
- Total loan amount divided by the appraised value of your home.
Interlinc Mortgage Services, LLC #205696 – Texas Department of Savings and Mortgage Lending Complaint and Recovery Fund Notice
Interlinc Mortgage Services, LLC. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Department of Savings and Mortgage Lending. Complaints regarding mortgage bankers should be sent to the Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be downloaded and printed from the department's website located at http://www.sml.texas.gov or obtained from the department upon request by mail at the address above, or by telephone at its toll-free consumer hotline at 1-877-276-5555, by fax at 1-512-475-1360, or by e-mail at email@example.com
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF MORTGAGE BANKERS . A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV