Refinance Calculator

Different Scenarios to Determine If Refinancing is Beneficial

If you need help using the calculator, you can call us at: (702) 297-6053
How to Use the Refinancing Calculator

This calculator helps you evaluate different refinancing options for your mortgage, allowing you to make informed decisions about how to improve the terms of your loan. Here's how to use each section of the calculator:
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Green Section (Original Data):
Enter the information about your current mortgage. You will need to include the original loan amount, interest rate, amortization period, original purchase date, and payments made on both principal and interest, based on your latest bank statement.

Blue Section (Refinancing with Cash-Out): Here, you must enter the data for the new loan if you decide to opt for a refinancing with cash-out. This includes the new interest rate, associated costs, and the amount of money you want to withdraw from your home's equity.Red Section (Refinancing without Cash-Out): In this section, enter the terms offered by the bank for a refinancing without withdrawing cash, including the new interest rate and related costs.The calculator also provides visual tools such as graphs and amortization tables, making it easier to compare your current financial situation with refinancing options.

Requirements for Refinancing
To qualify for refinancing, you need to meet several criteria:

- A solid credit history.
- Stable employment and demonstrable ability to pay.
- Current property valuation and sufficient equity accumulation.
- Income-to-debt ratio. Banks will evaluate your ability to pay based on your current debts.
- Recent tax declarations, to verify your income.
- Other Options if You Do Not Qualify for RefinancingIf you need access to capital and do not qualify for a refinancing with cash-out or a HELOC, selling your property is a viable alternative.

For a free valuation and specialized guidance on selling your home, you can contact Juan Carlos Carrera's Real Estate team. We offer free consultations to estimate the value of your property and assist you in the selling process.

License Number: S.179854

United Realty Group

Phone: 702-297-6053

Remember to use the tooltips in each calculator field to obtain clear explanations about the information you need to enter. This ensures that the data is accurate and the calculator results provide a precise guide for making the best refinancing decision.

In this section, you will enter the new data for Refinance Only

Refinance Only
No Cash Out

%
years

New Debt = Actual Debt + Refinance Cost

... = ... + ...

Choose an option based on your original loan details:

Option 1: If you have the purchase date and current balance of your property

Option 2: If you have details of your last mortgage statement's principal and interest payments

Original Data

%
$
$
$
%
years
$

...

...

...

In this section, you will enter the new Data for Refinance with Cash Out

Refinance
With Cash Out

%
years
$
%
....
Refinance Cost (with Cash Out)

New Debt = Actual Debt + Cash Out + Refinance Cost

... = ... + ... + ...

Comparison between the Original Mortgage and the Refinance Mortgage with No Cash Out

Principal+Interest

After Refinancing 

P+I variation 

Interest

After refinancing 

Interest variation

 

Balance

After Refinancing 

Balance variation 

PMI Saving

Comparative Analysis of Savings or Losses when Deciding to Refinance

Interest Points of Refinancing

.....

....

....

....

Comparison between the Original Mortgage and the Refinance Mortgage with Cash Out

Principal+Interest

After Refinancing 

P+I variation 

Interest

After Refinancing 

Interest variation

 

Balance

New Balance 

Balance variation 

PMI Saving

Comparative Analysis of Savings or Losses if you decide to do Cash Out Refinancing

Interest Points of CashOut Refinancing

....

....

....

....

Principal + Interest Graphics

Principal & Interest Before Refinance From the Original Mortgage
(jul 2009-jul 2039)

Date:

Monthly Payment:

Principal Payment:

Interest Payment:

Balance Paid:

Remaining Balance:

Interest Paid:

Remaining Interest:

Term:

Payment Number:

...... ...... ...... ...... ...... ...... ...... ...... ...... ......
Principal & Interest Before Refinance from Today
(today - jul 2039)

Date:

Monthly Payment:

Principal Payment:

Interest Payment:

Balance Paid:

Remaining Balance:

Interest Paid:

Remaining Interest:

Term:

Payment Number:

...... ...... ...... ...... ...... ...... ...... ...... ...... ......
Principal & Interest After Refinance With No Cash Out from Today
(today - jul 2039)

Date:

Monthly Payment:

Principal Payment:

Interest Payment:

Balance Paid:

Remaining Balance:

Interest Paid:

Remaining Interest:

Term:

Payment Number:

...... ...... ...... ...... ...... ...... ...... ...... ...... ......
Principal & Interest Before Refinance from Today
(today - jul 2039)

Date:

Monthly Payment:

Principal Payment:

Interest Payment:

Balance Paid:

Remaining Balance:

Interest Paid:

Remaining Interest:

Term:

Payment Number:

...... ...... ...... ...... ...... ...... ...... ...... ...... ......
Principal & Interest After Refinance Cash Out from Today
(today - jul 2039)

Date:

Monthly Payment:

Principal Payment:

Interest Payment:

Balance Paid:

Remaining Balance:

Interest Paid:

Remaining Interest:

Term:

Payment Number:

...... ...... ...... ...... ...... ...... ...... ...... ...... ......

Mortgage Balance vs Time

Schedule Breakdown ....

# Payment Date Payment Initial Balance Principal Payment Interest Payment Ending Balance Principal Paid Interest Paid

DISCLAIMER

Legal Disclaimer for Mortgage Calculators.

Las calculadoras hipotecarias disponibles en este sitio web, operado por [Juan Carlos Carrera Pena Prof. Corp.], se proporcionan únicamente con fines educativos. Están diseñadas como herramientas para ayudar a los usuarios a entender conceptos generales sobre cómo los bancos podrían utilizar tablas de amortización para tomar decisiones relacionadas con préstamos hipotecarios, refinanciamiento y otros escenarios financieros que involucran fórmulas de amortización. Estas calculadoras son informativas y no deben ser la única base para tomar decisiones financieras significativas. Los resultados generados por estas herramientas son estimaciones, dependientes de la información y los parámetros predeterminados ingresados por el usuario. Es fundamental reconocer que los bancos pueden utilizar diferentes variables y criterios en sus cálculos, lo que puede alterar significativamente los términos y condiciones de cualquier producto financiero ofrecido. [Juan Carlos Carrera Pena Prof. Corp.] y Juan Carlos Carrera renuncian a cualquier responsabilidad por decisiones o acciones tomadas basadas en el uso de estas calculadoras. Se recomienda encarecidamente a los usuarios que consulten con un banquero licenciado o asesor financiero para obtener asesoramiento específico y personalizado antes de realizar cualquier compromiso financiero significativo. Al utilizar estas calculadoras, los usuarios aceptan y acuerdan que [Juan Carlos Carrera Pena Prof. Corp.] y Juan Carlos Carrera no serán responsables de ninguna consecuencia directa o indirecta que pueda resultar del uso de estas herramientas y de la dependencia de los resultados estimados.

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