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Fixed Rates
Adjustable Rates
Interest Rates
Lenders

Property & Loan (Step 1 of 3)
Property Zip Code
Property State
Property County
Property Type
Occupancy Type
Property Value
Loan Amount
Loan Purpose

Current Mortgage (Step 2 of 3)
Mortgage Interest Rate (ex: 5.375):
Monthly Payment (principal and interest only):
Monthly Mortgage Insurance:

Additional Details (Step 3 of 3)
Down Payment
FICO Score
Lock Period
Waive Escrow?
VA Eligible?
Expected Years in Your House
Income Tax Bracket
Rate of Interest on Savings

Go To Next Step	Type of Mortgage	Rate Closest to Zero Fees	Monthly Principal + Interest + Mortgage Insurance	Total Cost Over 0 Years

No fixed-rate loans are currently available based on the information you've entered.

Calculating...

Go To Next Step	Type of Mortgage	Rate Closest to Zero Fees	Monthly Principal + Interest + Mortgage Insurance	Total Cost Over 0 Years	Worst Case

No adjustable-rate loans are currently available based on the information you've entered.

Calculating...

Select a mortgage type from the Fixed Rates Tab or Adjustable Rates Tab to view the interest rates for that mortgage type.

Select a rate from the Interest Rates Tab to view the possible lenders for that rate.

Property State

The state where the property is located.

Property County

The county where the property is located.

Loan Amount

This is the amount you borrow and are obliged to repay. It includes any settlement costs that you elect to finance rather than pay in cash at closing.

Loan Amount

This is the amount you borrow and are obliged to repay. It is the balance on your existing loan as of your last monthly statement, plus interest on that loan from the last statement date to the payoff date, plus the balance of a second mortgage if you have one and intend to pay it off with the proceeds of the new loan. The loan amount also includes any settlement costs that you elect to finance rather than pay in cash at closing.

Loan Amount

This is the amount you borrow and are obliged to repay. It is the balance on your existing loan as of your last monthly statement, plus interest on that loan from the last statement date to the payoff date, plus the balance of a second mortgage if you have one and intend to pay it off with the proceeds of the new loan. The loan amount also includes the cash you intend to withdraw and any settlement costs that you elect to finance rather than pay in cash at closing, and any cash that you take out of the transaction.

Property Value

How much the subject property is worth.

If you don't know the value of your property, click here to find it.

Loan Purpose

A refinance is cash-out if a) you draw cash from the transaction in an amount exceeding the settlement costs plus the lesser of $2,000 or 2% of the new loan amount; or b) The old loan being repaid was taken out less than 12 months ago and was either a cash-out refinance or a second mortgage that was taken out after you purchased the home; or c) The old loan being repaid is a HELOC on which you have drawn in the period since your home purchase.

Occupancy Type

Your primary residence is where you live most of the time, and where you are registered to vote. A second home is one that is not your primary residence. An investment property is one that is used to generate rental income.

Property Type

The type of housing on the subject property.

Property Zip Code

The zip code where the property is located.

FICO Score

A measure of your creditworthiness on the FICO scale, which ranges from 350 to 850.

If you don't know your score, you can estimate it:
Excellent (761-850)
Good (711-760)
Fair (661-710)
Poor (less than 661)

Or get your FICO free from a credit provider by clicking here.

Rate of Interest on Savings

This is the interest rate you could earn on the money you pay on the mortgage.

Income Tax Bracket

If you don’t itemize expenses, set the rate to zero. If you itemize expenses, which would include mortgage interest and points, this is the rate you pay on Federal, state and local income taxes on the last dollar of income you earn. We use this to calculate the tax benefit of the mortgage as a deduction from the cost.

Expected Years in Your House

This is how long you expect to retain ownership of your house. We use this as the period over which we calculate the total cost of your mortgage.

VA Eligible

This requires that you obtain a VA certificate of eligibility.

Lock Period

The period for which the lender's price commitment holds.

Waive Escrow

Your price may be 0.500 points higher when you waive escrow. The option to waive escrows is not available for FHA loans or conforming loans with Loan-To-Value greater than 80%.

Rebate

If there is a number in this column, the lender will apply a credit to your closing costs.

Worst Case

Interest Rate: % (Month )
Monthly Payment: $

30-Year Fixed of $300,000 - Total Cost Over 96 Months
	Cash Paid Upfront
	Points and Other Lender Fees	$520.00
	Estimated Third Party Costs	$7,191.00
+	Monthly Costs
	Principal and Interest	$191,607.36
	Mortgage Insurance	$0.00
+	Lost Interest at 1%
	On Upfront Costs	$476.67
	On Monthly Costs	$5,801.38
-	Less Tax Savings at 25%
	On Points and Interest	$41,254.73
-	Less Reduction in Loan Balance	$31,525.37
=	Equals Total Costs Net of Benefits Over 8 Years	$132,816.31


	Total Cost Over 8 Years Assuming Worst Case Interest Rate Increases	$132,816.31

Monthly Payment

Principal + Interest:
Mortgage Insurance:
Total:

Tip

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Annuity Pricing

HECM Pricing

Walk-Through Tutorial

The walk-through tutorial can be used once you are viewing your RFI Retirement Plan.

The RFI generated chart above is one possible retirement plan for you, but it is not necessarily the best plan possible.

A different annuity deferment period might result in more spendable funds.
You might prefer a pattern of spendable fund that changes over time (i.e. differs from the annual 2% increases shown in the chart).
You might want a rider on your annuity that provides a refund of premium in the event of early death.
The graph does not show changes in your estate value, which might be important to you.
Tax consequences (including whether some or all of your financial assets are in ordinary or tax deferred accounts) are not taken into account.

These or other issues involved in designing a plan that best meets your needs can be discussed with a Mortgage Professor representative who has access to the full RFI technology.

Need Help?

There are two ways you can receive help from The Mortgage Professor or one of his counselors. You can request someone to call you or you can send a question and someone will email you the answer.

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