By using Andes Mortgage’s Refinance Calculator, you will be able to accurately estimate a mortgage refinance compared to your current loan.
Just type in your current loan balance, interest rate, term and year you acquired your current loan.
Next, input the new loan amount that you are seeking. You can slide a higher loan amount than what you currently owe if you are looking for “cash-out”.
This calculator will give you a complete breakdown of a mortgage refinance.
Andes Mortgage allows you to make different changes to this calculator so that you can accurately estimate your purchase power.
All the fields on this mortgage calculator are customizable, and you can either use the sliders or the fields to input number values. Our mortgage calculator will adjust the new payments, savings, recoupment costs and equity cash out if applicable.
This is your current mortgage loan balance. For an accurate figure, refer to your most recent mortgage statement or payoff.
This is your current annual percentage rate that you have your on your loan.
The amount of years of your mortgage when you originated your loan. Most people have a standard 30-year term.
The year when you originated your current mortgage.
When you refinance, you take on a new loan that pays off the existing one. Your new loan amount can be higher, lower or the same as your current balance.
If you take on a higher loan amount, you can take “cash out” or tap into your home equity. This can be a great idea if you are thinking of doing home improvements, consolidate debt, purchase another home or put money away in savings.
The new loan will have a new interest rate as well based on today’s pricing.
Today’s national average refinance interest rates – For October 13, 2024
| Product | Interest rate | APR |
|---|---|---|
| 30-year fixed-rate | 6.341% | 6.402% |
| 30-year fixed-rate FHA | 5.388% | 6.206% |
| 30-year fixed-rate VA | 5.687% | 5.973% |
Refinancing your mortgage may have fees known as closing costs.
With a mortgage refinance, you may include those costs into the new loan amount so that you don’t have to pay them up front. The average closing costs are typically 1-3 percent of your loan balance.
Here at Andes Mortgage, we’re dedicated to helping you find the best mortgage options for your unique financial situation. With our easy-to-use calculator and personalized services, we make home buying a breeze.
So whether you’re a first-time homebuyer or looking to refinance, trust Andes Mortgage to guide you every step of the way. Keep in mind that while our calculator is a helpful tool, it’s always best to consult with a mortgage professional for personalized advice and information. Let us help you achieve your dream of homeownership today!
Call us today at 770-740-4050 or send us a quick inquiry by clicking this link.
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