Mortgage Refinance Rate-Term vs. Cash-Out Mortgage Refinance
A rate-term morgage refinance has a home loan amount that is just enough to re-pay the balance of your existing mortgage loan. The purpose of the morgage refinance could be to reduce your mortgage interest rate, adjust your home loan term, or both. Cash-out morgage refinancing, has a home loan amount that exceeds the current mortgage balance. The higher loan amount converts some of your home equity into cash that you receive at loan closing.

Home Equity Loan and Home Equity Line of Credit A home equity loan has a fixed interest rate and term, your payment is the same every month. A home equity line of credit has a variable interest rate with a draw period of 10 years and a repayment period of 15 or 30 years. During the draw period, your monthly payment may be as low as the interest on your outstanding balance. Home equity loans offer terms between five and 30 years. Home equity lines of credit can be drawn on for 10 years.

morgage Calculator
Mortgage calculators are often one of the first steps in the morgage refinance process. Use a morgage calculator to determine the morgage amount you can afford and the monthly mortgage payment. If you'd like to qualify for a larger morgage when refinancing, then use our morgage calculator and consider an adjustable rate morgage. An adjustable rate mortgage has a lower interest rate than a fixed rate morgage. The lower interest rate will allow you to qualify to borrow more money, for the same monthly mortgage payment.

morgage Qualification
To determine the maximum mortgage amount and monthly payment that you can afford for your new home or your morgage refinance, use our morgage calculator. morgage calculators can also be used to calculate payments for home equity loans or debt consolidation loans. Each mortgage calculator makes it simple to estimate how much you can afford to borrow and your monthly payment.

morgage Loan
If you know the monthly mortgage payment that you'd like for your morgage refinance, then use the morgage calculator to simply calculate the morgage loan amount based on the term of the loan and interest rate.

Mortgage Prepayment
If you're thinking of refinancing your current morgage loan for a lower monthly mortgage payment, then enter the new morgage refinancing terms, add an additional amount to the monthly principal payment and calculate the interest saved by paying your mortgage loan balance in less time.

morgage Amortization
It's easy to keep track of the principal, interest and mortgage balance of your loan with our morgage calculator.

Morgage Refinance Calculator
If you are considering refinancing your present morgage loan, then use our morgage calculator to compare your present loan with the new morgage loan. Even though the monthly payment may be lower, the total of payments may be greater for the new loan.