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Mortgage Refinancing Worksheet
Use this worksheet
as a guide to help you:
- estimate a refinanced mortgage payment amount (Step 1) and to
- help you determine if it's worth your while to refinance your existing mortgage (Step 2).
Find out now!
Lancaster refinancing-
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Talking about your mortgage: Prepaid interest
Your first regular mortgage payment is usually due about 6 to 8 weeks after
you settle (for example, if you settle in August, your first regular payment
will be due on October 1; the October payment covers the cost of borrowing the
money for the month of September). Interest costs, however, start as soon as
you settle. The lender will calculate how much interest you owe for the part
of the month in which you settle (for example, if you settle on August 16, you
would owe interest for 15 days--August 16 through 31).
Estimated cost: Depends on loan amount, interest rate, and
the number of days that must be paid for (a $120,000 loan at 6% for 15 days,
about $300; a $142,500 loan at 6% for 15 days, about $356).
Mortgage Terms Defined:Fixed-rate
loans generally have repayment terms of 15, 20, or 30 years. Both the
interest rate and the monthly payments (for principal and interest) stay the
same during the life of the loan.
Refinance.net is committed
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rates and information on mortgage refinancing
loans. We are not a loan originator,
agent, broker or carrier. We simply
provide relevant information and a
more convenient method for consumers
to request refinancing quotes from
licensed professionals near their
homes.