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Mortgage Payment Calculators
Loan Comparison - Refinancing
This calculator allows you to compare loans in an interesting
manner. You can compare loans with different balances, rates, and payments and see
how much interest you save as the loan's progress. This is good for comparing a loan
versus a refinance, to see how long it will take to recoup closing costs.
For each loan there are also payment buttons that will calculate
the standard 30 and 15 year payments for any loan. For an existing loan, first put
your original loan amount and rate in the first two fields (under loan #1), and then
hit which term you specified in your original loan. You can then go back and change
the balance to your current balance or any amount you want.
To better compare the two loans, the columns which make you the
most money are also highlighted, either refinancing and compounding your monthly
savings (ATCCS), or not refinancing and taking the closing costs and investing them (CCC).
The point when ATCCS surpasses CCC is the point at which the refinancing starts saving you real money.
