With interest rates at historic lows, many homeowners are exploring whether they should refinance their existing home loan. Given the significance and magnitude of home loans in a typical consumer debt profile (the average mortgage debt for a U.S. homeowner is over $200,000), this is an extremely important decision. Fortunately, it is relatively straightforward to calculate whether or not this is advantageous for a given situation.
VisualCalc’s Refinance Calculator enables you to compare a new loan versus your current loan. The calculator shows you the changes the new loan will have on your monthly payment and the remaining interest you will pay over the term of the loan. The VisualCalc Refinance Calculator will also show you the amount of time required before you break-even given the up-front costs associated with the new loan.
