Refinance Payment Size Comparison

 


Visitors: 142

Benefit

The benefit of comparing different refinance offers properly is that you know what different refinance opions and offers will mean to your future. You can take out more cash at a lower payment with one refinance option instead of another.

How It Works

Refinance offers can be very different from each other, including:

rates

loan size

loan term

A longer loan term, such as a 40 year loan or a 50 year loan, will allow you to have a lowre monthly payment than a regular 30 year loan.

This allows you to take the same amount of cash out and have a lower monthly payment.

There are different loan programs offered for 30, 40, 45, and 50 years.

Example

Loan Factors

Loan 1

Loan Amount

390,000

Loan Note Rate

6.00%

Loan Length (Years)

30

Regular Monthly Payment

2,338

Interest Only Payment

1,950

Loan Factors

Loan 2

Loan Amount

351,000

Loan Note Rate

6.50%

Loan Length (Years)

30

Regular Monthly Payment

2,219

Interest Only Payment

1,901

Loan Factors

Loan 3

Loan Amount

429,000

Loan Note Rate

7.00%

Loan Length (Years)

40

Regular Monthly Payment

2,666

Interest Only Payment

2,503

Loan Factors

Loan 4

Loan Amount

487,500

Loan Note Rate

7.50%

Loan Length (Years)

30

Regular Monthly Payment

3,409

Interest Only Payment

3,047

This example demonstrates how different loan factors can change the size of the monthly payment. Interest only payments are also an option on some loans.

Visit our website to use a refinance mortgage calculator.

Get Mortgage Rates, 25+ Free Mortgage Calculators, Mortgage Quick Tips and Much More Subscribe to our free Mortgage and Real Estate RSS Feed - Great Free Content For Your Website

(367)

Article Source:


 
Rate this Article:  0.0/5(0 Ratings)

Related Articles:

Find Out How to Refinance Your Mortgage and Lower Your Monthly Payment

by: Kate Ross (September 06, 2008) 
(Finance/Mortgage Refinance)

Mortgage Refinance Information - Comparison Shopping Will Not Always Save You ..

by: Louie Latour (April 16, 2007) 
(Real Estate)

Which Shake and Tilt IPhone Clone is Best? A Comparison Based on the Features ..

by: Rae Edwards (July 03, 2008) 
(Communications/Mobile Cell Phone Reviews)

Payment Option ARM: Negative Amortization Mortgages How Do These Refinance ..

by: Rebecca O'Connor (July 10, 2006) 
(Finance/Mortgage Refinance)

Mortgage Refinance: You Can Lower Your Monthly Mortgage Payment Even With Bad ..

by: Louie Latour (September 25, 2006) 
(Real Estate)

Refinance Auto Loan Bad Credit Get a Lower Payment and Lower Interest Rate

by: Benjamin Robert Ehinger (July 24, 2008) 
(Finance/Auto Loans)

Mortgage Refinance Information – How to Lower Your Monthly Mortgage Payment

by: Louie Latour (November 04, 2006) 
(Real Estate)

Mortgage Refinance: How to Comparison Shop for the Best Mortgage Loan

by: Louie Latour (September 18, 2006) 
(Real Estate)

Difference Between Dinner Size Vs Luncheon Size Flatware (Plate Size)

by: Rod Low (July 09, 2008) 
(Shopping and Product Reviews)

I9 and iPhone Comparison (Plus a Comparison to the SciPhone, T32, M88, and P168)

by: Rae Edwards (December 16, 2008) 
(Communications/Mobile Cell Phone Reviews)