Free Online Refinancing and Equity Calculators
Top 3 Helpful Tools for Homeowners Considering Mortgage Refinancing
Jun 15, 2009
The decision to refinance a mortgage is a complicated one with many considerations. Before shopping around to compare interest rates, terms and conditions, homeowners can use these free online calculators to examine their options.
Online refinancing and equity calculators help homeowners understand their financial position and whether or not refinancing is realistic with the equity they have built in their home. Try a variety of these online tools to get a clear idea of the type and amount of financing a homeowner may qualify for.
Mortgage Calculators from Invis, Canada's Mortgage Experts
Invis.ca offers a variety of online calculators including the Maximum Mortgage, Net Worth, Personal Debt Consolidator and Mortgage Payoff calculators.
Their Mortgage Refinance Interest calculator allows homeowners to see how much they could save in interest by refinancing at various rates. The user selects a new term, interest rate, and closing costs. This calculator also factors in the original mortgage's prepayment penalty, to give the homeowner a complete overview of the costs and benefits of refinancing using the equity in their home.
Results are displayed graphically, making this calculator simple to use and understand.
Citigroup Inc.'s Mortgage Calculators
From Citigroup Inc.'s Mortgage.com homepage, visitors can choose from a number of calculators with descriptive titles, including "What home can I afford?" and "Am I better off refinancing?" This calculator requires more information to calculate a response than its counterpart at Invis.ca. Homeowners input data about their current mortgage, the new mortgage they are considering, the property in question, and their personal savings.
Results are displayed in graphs, tables, or plain text. The results page also links to helpful resources on the First-Time Home Buyer's Credit and more.
Yahoo! Real Estate Calculators
Yahoo!'s Real Estate section offers over a dozen online calculators to help homeowners make good refinancing decisions. Visitors can compare mortgage terms, no-cost versus traditional mortgages, and the expenses of a current mortgage compared to a refinanced one. This calculator factors in the cost of establishing the new loan, the new term, the new interest rate and any additional closing or penalty fees.
Comparing Mortgage Refinancing Options Using Free Online Calculators
After comparing the results of several different online calculators, shortlist three to five companies to approach for a quote. Online calculators are great for preliminary mortgage refinancing research; however, a mortgage specialist is the best source of information on terms, conditions, rates and guarantees.
Always compare rates among several lenders, including penalties and additional fees, before refinancing a mortgage.
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