Adjustable Rate Mortgage Refinance Calculator
Use this mortgage refinance calculator to figure out if you should refinance, how much money refinancing at an adjustable rate would save you, and how much cash you could take out of your house to spend on other needs.
If interest rates are lower than what you are paying in your current mortgage, it may be a good time to refinance and save hundreds of dollars per month. Enter the value of the home, the number of years of the loan, the number of years until the loan adjusts for the first time, the outstanding balance on your first (and, if you have one, second) mortgage, and any additional fees. Also, enter how much you want to cash out of your home, your current monthly payment, the new initial interest rate and how high you believe the average interest rate will be for the adjustable duration of your loan. The calculator will compute two monthly payments: how much you’ll owe each month for the first part of your loan, and an estimate of how much you’ll owe each month for the loan after it starts adjusting. Don’t forget to budget for property insurance and taxes!