Online Home Mortgage Calculator | Loan Monster
Home Mortgage Calculator to Calculate New Monthly Payments
Use our home loan calculator below to determine your new monthly payments. The results here provide a close approximation if you qualify for the new rates. This calculator should strictly be used for comparison purposes only. To get started, simply enter the loan amount, loan length in years, and interest rate. Click the calculate button for an estimate of what your new monthly payments will be. Clicking the reset button will clear the values.
Overview of Mortgage Refinancing
Refinancing allows borrowers to have their existing mortgage replaced with a new loan, often with better rates or terms for their situation. With a refinance, homeowners are able to:
- Reduce their interest rates
- Lower their monthly payments
- Consolidate their debt
- Pay for home renovations
Homeowners choose to refinance their mortgages for numerous reasons and yours will also vary depending on your long term goals.
Getting Help from our Easy to Use Perth Mortgage Calculator
Refinancing is a pretty straightforward process, but it also needs to be carefully considered before speaking with a mortgage broker in Perth.
Using a home loan calculator, such as the one on this page, are invaluable tools as they help you calculate what your loan repayments will be once you refinance. These are only estimates and even an online mortgage calculator is no guarantee that you will qualify for the terms you want.
Once you’ve used our home mortgage calculator, the next step is to speak with a mortgage broker in Perth or one in your area to assess what your refinancing options are. You will first need to prepare all your important documents including mortgage papers, bank statements, employment records, and current financial obligations.
The lender will then assess your application. If the deal goes through, you will then be making repayments to the new lender on the terms agreed upon.
How to Decide if Refinancing is Right For You
Refinancing your home is not a decision to take lightly. In fact, there are situations where refinancing may not be in your best interest especially if you plan to move within the next few years. This is also why it is important to first consult with a mortgage broker to help assess your situation.
Using a home loan calculator is a helpful way to calculate what your potential monthly payment would be, but the following should also be taken into consideration:
Employment income: One way potential lenders assess your ability to pay back a mortgage is by looking at your employment history in more detail. Your earning power will greatly affect your refinancing terms.
Financial obligations: If the amount of debt you owe accounts for a significant portion of your income, then you may not be able to qualify for the terms you want.
Credit score: Your credit history is a direct reflection of your financial situation. Getting a copy of your credit report is strongly recommended before applying for a mortgage so you can attempt to fix blemishes.
Home equity: If you want to refinance your mortgage to pull equity from your home, then you need to be able to explain how the money will be used whether for home renovations or to help pay for tuition.
Before you use a home loan calculator, you should have a clear goal for wanting to refinance your home in the first place. Reduced interest rates or lower monthly payments may seem appealing but they do not always equate to savings as there are closing costs and other fees.
If you’ve used our mortgage calculator and Perth is your home town, then choose Loan Monster to help you choose the most suitable home loan for you and your family. Contact us today for more information about refinancing your mortgage. To get started, simply fill out the form on this page and one of our consultants will respond to your query within 24 hours.