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Wallstreet in the Woods

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Wallstreet in the Woods
2911 W Pine Street
Arkadelphia, AR 71923-5900
Phone: (870) 246-7526
Fax: (208) 246-6732
keith @wallstreetinthewoods.com
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Printed from: www.wallstreetinthewoods.com
  • Wallstreet in the Woods
  • 2911 W Pine Street, Arkadelphia, AR 71923-5900
  • (870) 246-7526 | keith@wallstreetinthewoods.com

Mortgage Refinancing

Should You Refinance Your Mortgage?

When mortgage interest rates fall, refinancing becomes an attractive option for many homeowners, but there other things to consider.

During the past few years, record numbers of Americans have refinanced their home mortgages as a result of historically low interest rates. This calculator is designed to help you determine whether you should consider refinancing your mortgage.

Loan origination fees are typically charged by the lender to process your loan (1 point = 1 percent).

 

Fixed costs could include fees for items such as the appraisal, notary, inspections, and recording fee.

 

Your Results

The results below show the estimated cost of refinancing, your current and refinanced mortgage payment amount, the monthly savings, and the amount of time it will take you to recoup the costs of refinancing. If you plan to sell your home before you recoup the cost of refinancing, it may not be worthwhile. However, if you plan to stay in your home beyond that time, refinancing could possibly save you a substantial amount of money.

Total estimated refinance costs: $0.00
Current monthly payment: $0.00
Estimated monthly payment (refinanced): $0.00
Monthly savings: $0.00
Break even (in months) to recover refinancing costs: 0

The calculation above assumes the refinance costs are not added to the new loan. This hypothetical example assumes your mortgage is subject to refinancing.

The graph below illustrates the difference between your current mortgage and the mortgage you are considering. You can see what the balance and payoff time would be for each mortgage. Although your monthly payments and overall expenses may be reduced if you refinance, the term of your payments may be longer. For example, if you have been paying on your current 30-year mortgage for five years and you refinance a new 30-year mortgage, you will be making payments for an additional five years.

Projected Refinance Costs

 

The calculation above assumes the refinance costs are not added to the new loan. This hypothetical example assumes your mortgage is subject to refinancing.

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2019 Emerald Connect, LLC. All Rights Reserved.

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Contact Us

Wallstreet in the Woods
2911 W Pine Street
Arkadelphia, AR 71923-5900
Phone: (870) 246-7526
Fax: (208) 246-6732
keith @wallstreetinthewoods.com
Map and Directions

Offering general securities through Hilltop Securities Independent Network Inc. 

Group Health and Individual Health Insurance products are not offered through Hilltop Securities Independent Network Inc.

Member: FINRA/SIPC

Sample articles and reports are written and prepared by Emerald Publications and are provided for informational purposes only and not intended as a solicitation. Keith Runyan is a registered representative and investment adviser representative of Hilltop Securities Independent Network Inc.(HTIN). HTIN is a registered broker-dealer and registered investment adviser that does not provide tax or legal advice. This website is only intended for clients and interested investors residing in states in which HTIN or its financial advisors are qualified to provide brokerage services or investment advisory services. HTIN does not attempt to furnish personalized investment advice or services through this website. Certain places on this site offer direct access or "links" to other websites that contain information that was created, published, maintained or otherwise posted by institutions or organizations independent of HTIN. HTIN does not endorse, approve, certify or control these websites and does not assume responsibility for the accuracy, completeness or timeliness of the information located therein. Visitors to these sites should not use or rely on the information contained therein until after consulting with an independent finance professional. HTIN does not necessarily endorse or recommend any commercial product or service described on these independent sites. HTIN is a wholly owned subsidiary of Hilltop Holdings, Inc., (NYSE:HTH) with offices at 1201 Elm Street, Suite 3500, Dallas, TX 75270, (214) 859-1800. Past performance is no guarantee of future results.

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