House Refinance Center
Mortgage Calculators

Should I Refinance?

Refinance Calculator © ML

HELOC Calculator

HELOC Calculator © ML

Do the math

Use this calculator to decide if now is the time to refinance
your house.
Just put your numbers in and follow the instructions.
HELOC Calculator

If you are considering a Home Equity Line of Credit
(HELOC), this calculator will help you reach an informed
decision.
Just put in your numbers in and follow the instructions.

Credit Card Payoff Calculator

Credit Card Calculator © ML

Credit Card Pay Off Calculator

We all have some credit card debt, and several credit cards. Sending the
minimum payment takes a lot of energy but no progress is being made.

For example, a $15,000 balance on a credit card at 23.5% APR, and making the
minimum payment of $350 each month will take 7 years and 11 months. However,
if you set a goal of 3 years to be debt free, you have to increase your payments to
$586.56 per month.

This game plan knocks 4 years and 11 months off the pay off time, and it also
saves you $12,205.77 in interest payments.

List all your credit cards and do the calculation for each. If you are thinking of
refinancing to pay off all your credit card debt, this is a great place to start.

A word of advice, if you do refinance and pay off the cards, get your scissors and
cut the cards into bits.

Affordability Calculator

Mortgage Calculator © ML

Affordability Calculator

How much can you afford? This calculator gives you
an idea. There are two terms found in the calculator that
you need to understand; the "front ratio" and the "back
ratio".

The front ratio includes, principal, interest, taxes and
insurance, (PITI). The back ratio is PITI plus other
monthly debts such as car loans, student loans, credit
card debt and any other debts you have.

Lenders like to see the front end at 28% of gross
income, and the back end at 36%.

19 Mortgage Calculators Get this Widget

  Monthly Payment
$1,014.59
 Bi-weekly payments
$507.30
 Bi-weekly payments
PLUS $50 monthly
Interest Paid
 $190,253.13
 $153,183.43
 $137,260.36
Savings
   $37,069.70
 $52,992.77
Ending Balance
 0.00
 -$544.39
 -$694.29
Start Date
 January 2010
 January 2010
 January 2010
End Date
 January 2040
 December 2034
 September 2032
# of years to pay off
 30 years
 25 years
 23 years 8 months
Bi-weekly Mortgage Payment Your Best Choice
After you have refinanced, you should have a plan to rebuild the equity in your home
as quickly as possible. A popular strategy to consider is making bi-weekly payments
on your mortgage, and combining that with a small lump sum payment each month.

Be sure to mention this plan to your lender so that the terms and conditions will be
written into the mortgage contract. You might get some resistance, but stick to your
guns. It is in your best interest. It's your money, so go for it.

The Mortgage Prepayment Chart shows the results of the prepayment strategy.
Notice the amount of the interest paid.


Mortgage Prepayment Chart $175,000 Mortgage At 5.69%
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