Home Loan Mortgage Corporation

Home Loan Mortgage Corporation

People refinance there mortgage in order to obtain a lower rate of interest, to reduce the term of their loan, to take out equity, or to convert from an adjustable to a fixed rate. If you are refinancing a fixed rate loan to a new fixed rate loan of the same term and loan amount, the breakeven calculation is fairly simple. Calculate the difference in your current monthly payment for principal and interest and your new payment. Divide the result into the expected cost to refinance to determine the number of months to breakeven. For example, if you save $100 per month and our cost is $2000, the breakeven period is 20 months. If you plan to remain in your home more than 20 months, then you should consider refinancing. Keep in mind that some of the savings are the result of lengthening your term back to 30 years.

Home Loan Mortgage Corporation

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