Second Mortgage Calculator - Refinance & Consolidation
This second mortgage calculator figures the savings from refinancing and consolidating your old 1st and 2nd mortgages into a single loan.
This calculator shows you the monthly payments, how much you will save in interest from the refinance/consolidation, and it figures how long it takes to break even on the closing costs.
Please note: Don't include the escrow portions of your monthly payment (taxes, insurance) - just include principal and interest.
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How Much Will You Save By Refinancing And Consolidating Your Mortgages?
Thinking about refinancing and consolidating your mortgage debt? Not sure if you’ll save money?
Don’t take a lender’s word for it – after all, they’re hoping to make money on the transaction. Do your homework and make sure a refinance and consolidation is right for you.
Find out by utilizing our Second Mortgage Calculator, a powerful tool that reveals your new monthly payments, interest savings, and more.
But first, learn a little about refinancing and consolidating mortgages . . . .
Refinancing And Consolidating Mortgages
Are your monthly mortgage payments too high? Would you rather pay one mortgage instead of two? You might want to refinance and consolidate your mortgages.
If you have a second mortgage on the same home as your first mortgage, that’s called a home equity loan or a home equity line of credit. Home equity loans add an additional layer of complication to the process of a refinance. Remember, the second mortgage lender must agree to give up their position to the refi lender.
If they won’t agree to giving up their position to a new lender, you must either:
You can also lower your payments by refinancing your first mortgage only – but it isn’t easy. You’ll need to ask the second mortgage lender to agree to the new terms. Or, you could try to refinance each of the loans separately.
Keep in mind that most lenders require you to wait at least a year after receiving your second mortgage before refinancing it.
If you have the green light to refinance, make sure it’s really what you want to do. Here are some factors to consider before refinancing . . . .
Should You Refinance?
Start by using the Second Mortgage Calculator to find your potential savings. If both of your mortgages have low interest rates, the costs of refinancing might be greater than your savings.
Here are some additional considerations and tips:
Some people blindly refinance their mortgage only to find themselves in never-ending debt. Others refinance armed with the knowledge that they’ll save money. If you’re going to refinance and consolidate, join the latter group, not the former.
Take a few minutes to consider refinancing and consolidating your mortgages. You just might save loads of money that you can put toward investments and building wealth.
Second Mortgage Calculator Terms & Definitions
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