Refinancing
refers to the replacement of an existing debt obligation with a debt obligation bearing different terms. The most common consumer refinancing is for a home mortgage.
mcslain
asked:
"Took out a loan 6 years ago for 90K at like 5.75%. I'm paying around $900/month on it over 30 yrs. The calculators on Yahoo though say I can get a 90K loan now at 6% and only pay $540/month over 30 yrs. What is going on? Did I just get taken to the cleaners somehow? Is there anything I can do?"
Question posted courtesy of:
Carolinahomerates.com replied:
"the yahoo calculator isnt including taxes and homeowner's insurance as your regular mortgage payment does."
Homeslice replied:
"Does the current $900 payment include real estate taxes, home owners insurance, or PMI? Is so, that will get the payment up from $500 to $900. If those things are not in your loan paymentn than the $900 should have gotten you a $155,000 loan. The only other option is that your actual interest rate is closer to 12%. Is this an adjustabble rate mortgage?"
kate replied:
"I think the calculators are just principal and interest .Your actual loan note my include property taxes , house insurance and maybe PMI .>"
financing_loans replied:
"I agree with the others... Yahoo calculators is just P&I. Meaning principal and interest. Your payment that you pay is PITI (principal interest taxes and insurance).But still 900 a month on 90K doesnt make any sense. That is huge. That would make you paying close to 45% of your payment to things other then P&I. It should be around 20-25% at most.Are you sure your interest rate was fixed? Im trying to figure out why your payment is so high even calculating it with PITI. Its way way way high. Its been 6 years so chances are you dont have Mortgage Insurance. So you only have Taxes and Hazard. It only makes sense if you 90K loan is on a house that is worth 300K or maybe your insurance is for flood or earthquake.I would check your payment and see what it includes. Their is no reason to give the money to your bank so they can pay your bills. You are way pass that. Kill your escrow account. You are just giving them interest free money for a year to pay your bills. You shouldnt have this. Then your payment might be more to your liking. Just remember then you pay your hazard and taxes when they are due.Good Luck."
costumes.us.com
asked:
"I am searching for the best mortgage calculators. Interest Only calculators and simple home mortgage calculators and loan calculators. I used the ones at and they seem pretty good. Just looking for comparisons."
Question posted courtesy of:
realtorslasvegas replied:
"I found some good resources for mortgages and mortgage calculators atAlso you can check the yahoo directory at"
dottoreo replied:
"You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel. (version for Windows and version for Linux both are available to download).There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites of sharks.The best solution could be also to not taking any loan at all. Saving account with 4.5% per annum, monthly payments and compound interest is your friend!!! In this way, bank gonna pay you, not vice versa. You cannot get loan with 4.5% interest, right?So, it can get you your home in not so long time and sets you free. Your heart will be filled with joy and your kids will be grateful to you for not having any debts and financial obligations."
foothillperson replied:
"Try this- "
jenkai_14
asked:
"I have done those "mortgage calculators" , most of them say I can afford between 140,000 and 165,000...however the house Im looking at is 180,000. I was just wondering if it could be possible since it is a guaranteed loan to be approved for more....thanks!"
Question posted courtesy of:
Dale H replied:
"If you are approved through an automated underwriting system on a VA loan, the ratios are waived.You need to get with a lender who can run the application for you at the higher price.If you would like, you can contact me through the e-mail link in my profile. I would be happy to help if you would like.Good luck."
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