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For people looking to refinance their mortgage, the immediate savings can be astounding. However, you will want to be sure that you have an accurate view of what your payment changes will be when all is said and done. To be sure of what your refinance will do for your payments, use a mortgage payment calculator.
First, plug your current mortgage information into the mortgage payment calculator to make sure that you know how it works. If you do it right, you should be able to accurately calculate your current mortgage payment. Once you have the hang of it, plug in the details of your refinanced loan.
The changes to take into account in the calculation of your refinance are the principal, the down payment, the rate, and the term. Plug in these new details and your mortgage payment calculator can give you the real portrayal of what your new monthly mortgage payments will be. Good luck with the refinance!