Mortgage & Retirement ProfessorMortgage & Retirement Professor

Refinancing One FRM Into Two to Lower Net Cost (3c)

Who This Calculator is For: Borrowers trying to decide whether refinancing one FRM into two FRMs will lower costs.

What This Calculator Does:This calculator compares the total cost of an existing first mortgage on which the borrower may pay mortgage insurance with that of a combination 80% first mortgage plus a second mortgage at a higher rate, over a specified future period. It also shows the highest rate you can pay on the second to break even.

DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS SIGNS ( + )OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES

Information About You and Your House
Show Modal IconExpected Years in House, Cannot Exceed Term
Show Modal IconRate of Interest on Savings (e.g. 3.5)
Show Modal IconIncome Tax Bracket ( e.g. 27 )
Show Modal IconValue of House When Current First Mortgage Was Taken Out
Current Value of House (e.g. 225000)
Show Modal IconOptional: Expected Rate of Property Value Appreciation
Information About Your Existing First Mortgage
Loan Balance
Interest Rate on Loan (e.g. 7.50)
Show Modal IconRemaining Term (in months)
Show Modal IconMonthly Mortgage Insurance Payment (if applicable)
Information About New Loans
Points and Costs Are:
80% First
Show Modal IconLoan Balance (Calculated Automatically)
Interest Rate on Loan (e.g. 7.50)
Term
Points (Dollar Amount or Percent of Loan)
Show Modal IconAll Other Closing Costs (Dollar Amount or Percent of Loan)
Second
Show Modal IconLoan Balance (Calculated Automatically)
Interest Rate on Loan (e.g. 7.50)
Term
Points (Dollar Amount or Percent of Loan)
Show Modal IconAll Other Closing Costs (Dollar Amount or Percent of Loan)
Calculator Design & Programming byDecision Aide Analytics Logo

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