KTRE.com Lufkin and Nacogdoches |Calculator: Should You Refinance?

Calculator: Should You Refinance?

Knowing exactly when is the perfect time to refinance would require a bit of psychic ability on your part. In 1999, for example, many would-be refinancers were kicking themselves for not locking in a rate before the Federal Reserve went on a tightening spree, and mortgage rates rose from their historic lows. That's why many experts say if you find a good deal that saves you a significant amount of money, it's probably not worth trying to beat it by predicting mortgage-rate moves.

So what rate would you need before refinancing makes sense? That's what this worksheet is designed to tell you. One thing to keep in mind, though: The interest rate isn't the only thing to consider when shopping for a new loan. Refinancing, after all, isn't free. There are the bank fees, the bills for a new appraisal and inspection, your lawyer's fee — you name it. This worksheet will help you figure out how much you'll save on your monthly payments with a lower rate and how long it will take, given those savings, to repay the cost of getting a new loan.

 

Refinance Worksheet
Your browser is not Java-enabled.

To view the worksheets and interactive graphs properly, you need to be using a Java-enabled browser (Netscape v. 3 or above, or Microsoft Internet Explorer v. 3 or above.), preferably on a Windows 95 machine. We are not currently supporting Java for Windows 3.1.

If this configuration matches yours, check to make sure Java and Javascript are enabled in your browser options.

Netscape 3.0:

  • Select Options from your menu bar
  • Select Network Preferences, then select LANGUAGES.
  • "Enable Java" and "Enable Javascript" should both be checked.
  • Click OK.
Netscape 4.0:
  • Select Edit from your menu bar
  • Select Preferences, then select Advanced.
  • "Enable Java" and "Enable Java script" should both be checked.
  • Click OK.
Internet Explorer 3.x:
  • Select View from your menu bar
  • Select Options, then select the Security tab.
  • At the bottom of the page in the Active Content box, make sure all boxes are checked. (Note: You might also want to click the Safety Level button here and select Medium to prevent warning message interruptions.)
Internet Explorer 4.0:
  • Select View from your menu bar
  • Select Internet Options, then the Security tab.
  • For the Internet Zone, select Custom and click on Settings.
  • Scroll down to the Java area of the list.
  • Make sure that, under Java permissions, that 'Disable Java' is NOT active. Set this to low, medium, or high security instead.
  • Scroll down to the Scripting area of the list.
  • Under Scripting, set Active scripting to Enable, and set Scripting of Java applets to Enable.
  • Click OK to return the Security Settings, then click Apply, and then OK.
It's also possible that you are accessing the Internet from behind a corporate firewall that filters out Java. Your Systems Administrator may be able to allow Java coming from our IP address.

If you are using the AOL browser, you must be using 32-bit version of the AOL 4.0 browser for Win 95, which comes bundled with Internet Explorer. If you are not using the latest release of the AOL software, contact AOL for a free upgrade.



(Copyright 2007 SmartMoney.com. All Rights Reserved. This material may not be published, rewritten, or redistributed.)     
INFORMATIONAL DISCLAIMER The information contained on or provided through this site is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional financial or accounting advice. Always seek the advice of your accountant or other qualified personal finance advisor for answers to any related questions you may have. Use of this site and any information contained on or provided through this site is at your own risk and any information contained on or provided through this site is provided on an "as is" basis without any representations or warranties.

See It, Snap It, Send It

When news happens, See It, Snap It, and Send It to KTRE. Click here to upload your videos or pictures.

News Feeds - RSS

KTRE.com RSS News Feeds RSS (Really Simple Syndication) is an easy way for you to keep up with all of your favorite news and information.

Get news, weather, sports, movie and TV listings, stocks, flight tracker, and more, anytime, anywhere on your cell phone or PDA with KTRE 9 To Go! Click here for details.

Curious about East Texas Weather? Want to get the latest weather stories? Check out the weather blog. You never know what a meteorologist is thinking! 

Live Online is a FREE small, simple application which you can download and install on your Windows -based computer. It is the perfect companion to Personal Forecast!

Powered by WorldNow
All content © Copyright 2001 - 2010 WorldNow and KTRE, a Raycom Media Station.
All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.