Testimonials

"I wanted to take a moment to recognize 800775LOAN.com for your outstanding customer service in my recent home refinance process. The knowledge and professionalism of your staff was exceptional. My Mortgage Planner explained the entire process and managed all of my expectations before we got started. He gave me honest advice while taking the time to clarify all of my options on different loans available. He presented a cost benefit analysis for each option so that I could make an informed decision. Then he investigated the specific state requirements for Massachusetts and made sure he followed the regulations so that we could close without any last minute holdups. His communication skills were remarkable. He kept me informed every step of the way, and always made sure he was available to answer questions and concerns. I have recommended 800775LOAN.com to my colleagues and family. Many people I have spoken with choose not to enter into the refinance process because it can be intimidating and time consuming. These folks really need to have a conversation with 800775LOAN.com and I am confident they would proceed!! I am so appreciative of the time and effort 800775LOAN.com spent to make sure my loan process went smoothly. In this time of recession, we are very thankful to have worked with 800775LOAN.com. Because of your experienced staff we were able to refinance and save a huge amount of money. We have secured a loan that will serve us very well over the next 30 years!"

- Dr. Nancy P.
MA

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Refinance Interest Savings Calculator

Refinance Interest Savings Calculator

How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.

Refinance Interest Savings
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Definitions

Appraised home value

Current market value of your home.

Original loan amount

Total amount for your original mortgage.

Original rate

Annual percentage rate of your original mortgage.

Original term in years

The total number of years for your original mortgage.

Number of payments made

The total number of payments you have made on your original mortgage.

Annual property taxes

Your annual property taxes.

Annual home insurance

Your annual homeowner's insurance premium.

Monthly PMI

The amount you pay each month for PMI. This is usually between 0.5% and 2% annually of your loan amount if you have less than 20% equity in your home.

Current PITI

Current monthly Principal, Interest, Taxes and Insurance payment.

New rate

Annual percentage rate of your new mortgage.

New term

The total number of years for your new mortgage.

New mortgage balance

Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.

Closing costs

Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).

New PITI

New monthly Principal, Interest, Taxes and Insurance payment.

New loan to value

Total loan amount divided by the appraised value of your home.

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