Calculate savings on mortgage refinance
[DOC File]CHAPTER 1
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Cash spent to refinance ($5,620) divided by $61.57 (monthly savings) = 91.3 months or 7 years and 6 months. You will need to pay on your mortgage for seven years and six months in order to earn back the cash used to refinance.
Calculate the True Savings from Refinancing a Mortgage
For streamline refinance transactions, the borrower's monthly payment for principal and interest for the refinance mortgage (which will include the cost for the energy efficient improvements) must be lower than the monthly principal and interest on the current mortgage…
[DOC File]CHAPTER 2
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Mortgage rates decline in mortgage rates consider buying a home; consider refinancing an existing mortgage Interest rates Consumer prices Other: Other: Other: Sheet 5 – Time value of money calculations. Purpose: To calculate …
[DOC File]Division of Extension
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margin The number of percentage points the lender adds to the index rate to calculate the interest rate of an adjustable-rate mortgage (ARM) at each adjustment. negative amortization Occurs when the monthly payments in an adjustable-rate mortgage …
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