FHA Refinance Calculator
See how much you can save using our refinance calculator.
Use the FHA Streamline Calculator to get an estimate of how much you could be saving by refinancing. The calculator starts by taking your current information such as:
- Current monthly payment
- Balance left on mortgage
- Years left on current loan
- Current interest rate
You are then able to enter what your new information would be so that the calculator can determine what your estimated new payment would be. This includes your new interest rate, new loan term, and the total cost of the refinance.
Now the calculator will show the estimated new loan information. This will include your new payment, your monthly savings, the difference in interest, as well as how many months it will take to recoup the costs. Village Capital offers the refinance with no out of pocket costs.
Why use the FHA Streamline Refinance Calculator?
The streamline calculator is for those who are more comfortable doing research before they call in and talk to a mortgage loan officer and who would rather examine their current mortgage situation on their own and make an educated decision on what is the best option for them before calling in. It also allows them to plan out their finances and see where they would be once they incorporate the estimated monthly savings into their budget.
The Streamline Refinance Program Saves Money
The most common reason to refinance with the streamline program is to save money on your monthly payment. However, getting a rate online and figuring out how much you can save isn't necessarily plausible. This is because rates fluctuate up and down and are different on any given day and are not the same for all lenders. Also, rates will differ based off of each individual's specific circumstances. This means that a rate quote on your new mortgage payment is custom and specific to you based off of your circumstances that need to be analyzed by a licensed mortgage loan officer. The loan officer can do all the math for you and give you exact numbers on how much you can save.
Using the FHA Streamline Calculator
Even though you wouldn't be able to get an exact rate quote online, you can still use the FHA streamline refinance mortgage calculator. The streamline calculator allows you to get a rough estimate of what your monthly savings will be based off of what your current interest rate is and what your home value is. This is especially useful to those who are looking for a quick idea of what it would be like refinancing under this program.
Things To Keep In Mind
Remember that when you’re using the FHA Streamline Refinance Calculator that it is simply an estimation tool. In no way does it represent what your exact savings or payment would be. If you do decide to use it as a basis for a new financial plan, keep in mind that in most cases under this program you are also able to miss a payment for a month. This allows you to free up cash that you can use to save, pay off some bills, or any other way you see fit.
Always Call In For Accurate Quotes
Village Capital is more than happy to provide you with a free customized rate quote at any time. Remember, to find out exactly how much you could be saving each month, in addition to how much you could save on the life of your loan, you will need to get a live rate quote from Village Capital. The FHA refinance calculator is only an estimate. Please click here if you would like a free rate quote.