iRefinance User Guide

The Amortization will calculate monthly payments, balance, interest paid, and break down the payment schedule monthly for the life of the loan.

• What will my payments be for interest rate x and number of years y?
• How much is going towards interest each month?
• How much is going towards principle each month?

Take out a $200,000 dollar loan for 30 years at 7.00% interest

Inputs Loan amount = 200,000 Interest Rate=7.00% Years = 30?

Results Payment = $1,330.60 Total Interest = $279,017.80

Monthly payment schedule for the life of the loan can be viewed by running this example problem in the amortization calculator

The Mortgage refinance calculation will take your existing loan information, new loan information, refinance fees, then determines the new loan payments, refinancing fees, new loan amount, and the time it will take to make up the difference of the refinance fees.

• What is the new loan amount?
• What are the new loan payments?
• What are the fees associated with the refinance?
• How long will it take to recoup the refinance fees?

Refinance existing loan of $200,000 dollars for 30 years financed 8 months ago at 6.75% interst with a new loan for 30 years at 4.20% interest for thirty years with a 2.00% refinancing fee.

Existing Loan values

Loan amount: 200,000

Iterest Rate: 6.75%

Years = 30

duration of existing loan months: 8

New Loan: Interest Rate=4.20% Years = 30 refinancing fee 2.00%

Results

New loan amount with fees: $202,566.90

Total loan fees: $3,971.90

Original Monthly Payment: $1,297.20

New Monthly Payment: $990.59

Number of months to pay back fees: 13