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Refinance Breakeven
Mortgage Refinance BreakevenHow long will it take to breakeven on a mortgage refinance? That depends on a multitude of factors. These factors include your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. Use this calculator to sort through the confusion, and determine if refinancing your mortgage is a sound financial decision. Click the "View Report" button for a detailed look at your records.
Definitions
- Original mortgage amount
- Original amount of your mortgage.
- Appraised value
- The appraised value of your home when you purchased it.
- Current term in years
- Total length of your current mortgage in years.
- Years remaining
- Number of years remaining on your current mortgage.
- Income tax rate
- Your current income tax rate.
- Calculate balance
- To let the calculator determine your remaining balance, based on your original loan information and years remaining, check this box. To enter your own amount, leave this box unchecked.
- Current appraised value
- The current appraised value of your home.
- Loan balance
- Balance of your mortgage that will be refinanced.
- New interest rate
- The annual interest rate for the new loan.
- New term in years
- Number of years for your new loan.
- Loan origination rate
- This is the percentage of the new mortgage that is paid to the lender as the loan origination fee. Typically this fee is 1% of the loan balance.
- Other closing costs
- Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.
- Points paid
- This is the number of points paid to the lender to reduce the interest rate on the mortgage. Each point costs 1% of the new loan amount.
- Current payment
- Your current payment is the sum of principal, interest and PMI (Principal Mortgage Insurance). Because refinancing does not affect your insurance or taxes, they are not included here.
- New payment
- Your new payment is the sum of principal, interest and PMI.
- Monthly PMI payment
- Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero.
- Monthly PI payment
- Monthly principal and interest payment.
- Breakeven monthly payment savings
- The number of months it will take for your monthly payment reduction to be greater than closing costs.
- Breakeven PMI & interest savings
- The number of months it will take for your interest and PMI savings to exceed your closing costs.
- Breakeven total savings after-tax
- The number of months it will take for your after-tax interest and PMI savings to exceed your closing costs.
- Breakeven total savings vs. prepayment
- This is the most conservative breakeven measure. It is the number of months it will take for your after-tax interest and PMI savings to exceed both your closing costs and any interest savings from prepaying your mortgage. The prepayment amount used in this calculation is the amount that you would have to spend on closing costs.
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"You Can Leave Me A Loan"®
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"KLCSLOANTEAM and Korene Clopine-Seaman are a mortgage team that invests itself with their client's and referral partners business. They are just not providing mortgage information, education and services, they have built relationships in our business and invested in providing services that helps us deliver our core mission to provide the services that meets our client's needs in line with our company culture and values"
W. J. Bradley Mortgage Capital LLC. is a direct mortgage lender with lending authorization for Conventional, HUD, FHA, VA, USDA, and Jumbo real estate loans lending with offices in various locations focusing on providing to the people in the communities we serve throughout the United States mostly in the Southwest. We are available to help borrowers achieve the dream of home ownership and assist them as they take advantage of today’s real estate investment opportunities and mortgage rates.
The KLCSLoanTeam and the support staff are highly trained in all of the various loan products currently available. We are well prepared to answer any questions you may have about buying a home or to assist you with analyzing your current home loan. Simply put, we are here to help you make informed right-fit mortgage decisions.
The customer experience is our number one priority. Communication is a very important part of our business model and our unique loan process, and our investment in technology reflects just that. We have mastered the ability to effectively communicate with all parties involved on each and every transaction keeping everyone up-to-date from the first phone call through funding. Our goal is to use all of our resources to make your transaction as smooth and efficient as possible.
With the experience, resources and exceptional service standards, you will see why we deliver…simply better home loans as we are working to serve our customers, clients, and referral partners. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states.
W J Bradley Mortgage Capital LLC
NMLS# 3233
9237 East Via De Ventura, Suite 100
Scottsdale, AZ 85258
Direct Office Phone:(623) 340-0934
Fax: (623) 218-1807
AZ License # BK-0903998;
Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002;
FHA Approved
NMLS consumer access: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/3233.
*Korene L. Clopine-Seaman is working with and as the Team Manager of KLCSLoanTeam. She is licensed to originate mortgages in Arizona and California:
AZ LO-0916745
CA: DOC-218520
© 2012 W.J. Bradley Mortgage Capital, LLC. 6465 Greenwood Plaza Blvd, Suite 500, Centennial, CO 80111 Phone #303-825-5670. NMLS ID 3233. Trade/service marks are the property of W.J. Bradley Mortgage Capital, LLC. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states. WJB is not acting on behalf of or at the direction of HUD/FHA or the federal government.
AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; To check the license status of your CO Mortgage Broker, visit www.dora.state.co.us/real-estate/index.htm; Florida Mortgage Lender Servicer license #MLD738; ID Mortgage Broker License No. MBL-7766; IL Residential Mortgage Licensee – License #MB.6760738, 6465 Greenwood Plaza Blvd., Suite 500, Centennial, CO 80111; MN Residential Mortgage Originator License No. MN-MO-3233; NV Mortgage Banker License No. 2061; NV Mortgage Broker License No. 504; NM Mortgage Loan Company and Loan Broker Act Reg. No. 01856; OK Mortgage Broker – License No. MB001365; OR Mortgage Lender License No. ML-776; TX Mortgage Banker Reg. No. 74182; UT Mortgage Lender Company License No. 5495659-NMLC; Utah Consumer Credit Notification and Utah Residential First Mortgage Notification regulated by the Utah Department of Financial Institutions; Vermont Lender License #6341; WA Consumer Loan License No. CL-3233; Wisconsin Mortgage Banker License No. 699991. NMLS consumer access:
www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/3233.
Trade/service marks are the property of W.J. Bradley Mortgage Capital LLC. Restrictions apply. All rights reserved. Some products may not be available in all states. WJB is not acting on behalf of or at the direction of HUD/FHA or the federal government. This is not a commitment to lend. Restrictions apply. All website Trade/service marks not related specifically to W.J.Bradley Mortgage Capital LLC are the sole and separate property of KLCSLoanTeam and Korene L. Clopine-Seaman. Korene L. Clopine-Seaman is employed by W.J.Bradley Mortgage Capital LLC as a mortgage originator. All KLCSLoanTeam © 2012 rights reserved.
Korene L. Clopine-Seaman is not acting on behalf of or at the direction of HUD/FHA or the federal government.© 2012 NMLS ID 218520.
W J Bradley Mortgage Capital LLC Attn: Korene Clopine-Seaman 9237 E. Via de Ventura Blvd Ste 100 Scottsdale, AZ 85258
Phone: Cell: Fax: Copyright © 2012 W J Bradley Mortgage Capital LLC
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