Although it may seem like you're stuck with a fixed-rate mortgage you are actually losing out because interest rates have dropped dramatically. While an adjustable-rate mortgage would have given you the opportunity to enjoy lower rates, you are stuck with a fixed-rate mortgage.
These dropping interest rates may be something you want. Refinancing might be the solution. However, will you be able to save more money by refinancing? This is why mortgage refinance calculators are so useful.
You should look at the functions of a mortgage refinance calculator to find one that is good. A good title insurance calculator will have a list of fields you need to fill out. This list should include all of your current monthly payments and interest rates, as well as those for refinance. It should also include the costs associated with refinancing.
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A good mortgage refinances calculator usually has two parts. The first part shows you the savings that you will make if you refinance. Fill in the fields about your current monthly payment and the interest rate. The balance on your mortgage, the year remaining on the mortgage plan, the new interest rate, and the loan term.
You can then calculate the potential benefits of refinancing. Comparing the current interest rate to the new rate will show you how much you could save if your decision was to refinance.
A good mortgage calculator will also include fields that calculate how much refinancing will be. It may be attractive if you just look at the savings. This may make it the best choice to refinance. Consider the cost of your decision before you make your final decision.
Fees will apply for the application, an attorney, title search, insurance, and appraisal. There will also be taxes, transfers, and inspections.