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Tool for Comparing Mortgage Rates and How They Affect Your Payment

Compare and See Your New Mortgage Amount

If you're like me, you're looking at rates now and trying to compare your current mortgage with what it could be if you:

A. Refinance with a new rate

B.Purchase a new home and move up

C.Purchase an investment property

A simple tool to is available on www.StephanieJacques.com to help compare your principle and interest payments. Remember, you'll have to add to that monthly payment the following figures:

1. Your Homeowner's insurance premium (divide by 12 to arrive at a monthly figure).

2. Your property taxes ( also divide by 12 for a monthly figure, but only if you escrow in your taxes and do not pay them seperately.

 

For me, if I refinance 1% less than my current rate, the difference is $79/month, assuming I never change the current principle balance (meaning I don't "cash out", or raise the principle amount to finance in extra project money or money I would use elsewhere.)

Good luck! I'll be watching the rates along with you!

Comment balloon 0 commentsStephanie Jacques • January 14 2009 08:15AM

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