Refinance rates topics
When you know your likely interest rate, decide how long you want the term of the mortgage to be, and use an online mortgage calculator to work out how much your monthly payments will be after the refinance. (Ideally the term of your new mortgage will be equal to the amount of time left on your old mortgage. Otherwise, a longer term will let interest compound longer, adding extra money to the total and potentially offsetting the savings you would have seen from a refinance. ) Also calculate the difference between your current monthly payments and your monthly payments after the refinance. Then work out how much the fees and taxes of a refinance will add to the total.