A 15-year mortgage loan calculator is used for a wide range of reasons. As a borrower, you can use it to calculate how much you’ll pay monthly on a 15-year home loan.
Mortgage loan calculators can also generate current interest rates that mortgage lenders are charging for 15-year loans for a new home. You can also find the total fees that lenders will charge you, as well as current APRs.
If you already have a mortgage and you want to refinance, a 15-year mortgage calculator can help you estimate the total cost of your mortgage, as well as rates and monthly payment calculations.
What is Mortgage Refinancing?
When you refinance a mortgage, your new lender pays the old mortgage balance off and gives you a new mortgage.
One of the most popular reasons that homeowners choose to refinance is because they are looking for more favorable mortgage rates. With the right lender—and with the right requirements—mortgage refinancing can be an effective way to reduce monthly payments.
Another popular reason for refinancing could be needing shorter or longer terms. Homeowners that want to pay off their home quicker may refinance with shorter terms, while homeowners that need additional time could refinance for longer terms.
Mortgage refinancing is a great tool to apply towards a variety of financial goals—and some of the best lenders provide lower rates and better terms to fit a variety of needs.
Other Reasons to Refinance
While lower interest rates and more favorable terms are still the most popular reasons for refinancing, there are a few other circumstances that may prompt a homeowner to begin the refinance process.
Improved Credit Score
Getting the best refinance rates often depends on credit score, so if you find that your score has jumped up, you might want to explore your refinancing options.
According to myFICO, refinancing with a credit range of 760-850 can make borrowers eligible for rates of 3.5 percent.
Compared to 5.1 percent rates for credit scores between 620-639, borrowers could potentially be looking at savings of 1.5 percent or more.
Switch from Adjustable to Fixed
If you’re worried that mortgage rates are on the rise, you can use mortgage refinancing to switch from an adjustable rate mortgage (ARM) to a fixed rate mortgage.
Approaching a mortgage refinance from this angle does come with its own sort of risk—how do you know that mortgage rates won’t start dropping down again?
With interest rates steadily increasing over the past few years, Berger suggests that refinancing from an ARM to a fixed makes the most financial sense.
As he puts it, “For me, I wouldn’t bet on rates staying low. If I financed a property with an ARM, I’d be looking to refinance fast.”
Conclusion – Best Values for 15-Year Mortgage Calculators and Refinance Loan Payment Calculators
Buying a first home is not a quick shopping experience. Average processing (from start of application to closing) normally takes between 30-45 days.
As such, you need to have a plan set in place for buying your house or refinancing an existing mortgage to avoid extra expenses and unnecessary delays.
A 15-year mortgage rates calculator is great because it allows you to quickly calculate 15-year mortgage monthly payments, as well as calculate other home loan figures (total fees by lenders, taxes, interest rates, etc.). Consider using any of the following sources for mortgage and refinance calculators:
And if you are in the market for refinancing reasons, then a 15-year fixed rate mortgage loan calculator can be a great tool for calculating and immediately seeing how much you would pay monthly, as well as the refinancing interest rate.
We wish you the best of luck.
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