skip navigation

Paul Scott, President, ChFC®, LUTCF

Contact Us

2115 Lafayette Blvd
Fredericksburg, VA 22401
  • Phone:
    (540) 891-9331
  • Fax:
    (540) 898-2915
  • E-mail address: paul.scott@voyafa.com
  • Home
  • About Us
    • About Paul Scott
    • Our Location
    • Our Products & Services
    • Our Team
  • Resources
    • Articles
    • Calculators
    • Flipbooks
    • Newsletters
    • Glossary
    • Tax Library
    • Videos
  • Market Watch
    • Detailed Quotes
    • Symbol Lookup
    • Multi Quote
    • Markets at a Glance
    • Charting
    • Portfolios
  • Request A Quote
    • Long-Term Care Insurance
    • Group Health
    • Life Insurance
    • Individual Health
    • Disability Income Insurance
    • 401(k) Information Request
    • Information Request
  • Contact Us
  • 57% of U.S. workers have saved less than $25,000 for retirement.* -- *2015 Retirement Confidence Survey, EBRI
  • Only 48% of Americans know how much money to save for retirement.* -- *2015 Retirement Confidence Survey EBRI
  • 50% of retirees left the workforce earlier than planned.* -- *2015 Retirement Confidence Survey EBRI

Paul Scott, President, ChFC®, LUTCF

Printed from: www.paulscottinsurance.com
  • Scott Insurance & Financial Services Inc
  • 2115 Lafayette Blvd, Fredericksburg, VA 22401
  • (540) 891-9331 | paul.scott@voyafa.com

Mortgage Refinancing

Should You Refinance Your Mortgage?

When mortgage interest rates fall, refinancing becomes an attractive option for many homeowners, but there other things to consider.

During the past few years, record numbers of Americans have refinanced their home mortgages as a result of historically low interest rates. This calculator is designed to help you determine whether you should consider refinancing your mortgage.

Loan origination fees are typically charged by the lender to process your loan (1 point = 1 percent).

 

Fixed costs could include fees for items such as the appraisal, notary, inspections, and recording fee.

 

Your Results

The results below show the estimated cost of refinancing, your current and refinanced mortgage payment amount, the monthly savings, and the amount of time it will take you to recoup the costs of refinancing. If you plan to sell your home before you recoup the cost of refinancing, it may not be worthwhile. However, if you plan to stay in your home beyond that time, refinancing could possibly save you a substantial amount of money.

Total estimated refinance costs: $0.00
Current monthly payment: $0.00
Estimated monthly payment (refinanced): $0.00
Monthly savings: $0.00
Break even (in months) to recover refinancing costs: 0

The calculation above assumes the refinance costs are not added to the new loan. This hypothetical example assumes your mortgage is subject to refinancing.

The graph below illustrates the difference between your current mortgage and the mortgage you are considering. You can see what the balance and payoff time would be for each mortgage. Although your monthly payments and overall expenses may be reduced if you refinance, the term of your payments may be longer. For example, if you have been paying on your current 30-year mortgage for five years and you refinance a new 30-year mortgage, you will be making payments for an additional five years.

Projected Refinance Costs

 

The calculation above assumes the refinance costs are not added to the new loan. This hypothetical example assumes your mortgage is subject to refinancing.

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2019 Emerald Connect, LLC. All Rights Reserved.

background image for page 1 background image for page 2 background image for page 3 background image for page 4

Contact Us

2115 Lafayette Blvd
Fredericksburg, VA 22401
  • Phone:
    (540) 891-9331
  • Fax:
    (540) 898-2915
  • E-mail address: paul.scott@voyafa.com

Investment adviser representative and registered representative of, and securities and investment advisory services offered through Voya Financial Advisors, Inc. (member SIPC)

Federal and state insurance and securities rules and regulations prohibit registered representative(s) and/or investment adviser representative(s) from soliciting, offering and selling any insurance or securities products or providing investment advice until they are properly registered and licensed in each state jurisdiction.

Scott Insurance & Financial Services, LLC. is not a subsidiary of nor controlled by Voya Financial Advisors, Inc.

[ Online Privacy Policy | Privacy Promise ]

  • Site Map