Results include a 1.5% (of loan amount) closing cost default setting. The resulting monthly mortgage payment doesn’t include the cost of Mortgage Insurance (MI), which may be required. Results in no way indicate approval or financing of a mortgage loan. Contact a mortgage lender to understand your refinance options and apply.
More about this calculator First monthly mortgage balance This is the current principal balance or payoff amount. Estimated home valueHow much your home is worth in current market conditions. If you’re unsure of the current appraised value of your home, consider what similar homes in your area are selling for, which may be helpful in determining current value.
Loan-to-value is a calculation frequently used by mortgage companies when qualifying borrowers for a mortgage. It is calculated by dividing the mortgage balance by the home’s current market value.
Monthly payment amountThe total amount you have agreed to pay your mortgage company each month. If you are unsure of this amount, refer to a recent mortgage statement or call your mortgage company to find out.
Payments required from homeowners in a specific neighborhood or community (typically paid monthly) to cover the community operating costs and contributions to the reserve fund. These fees are not included in mortgage payments and are paid directly to the homeowners association. The specific purposes of the fees vary for different communities.
Total monthly paymentThe total monthly payment includes mortgage principal, interest, taxes, insurance, and HOA fees, if applicable.