Free Mortgage Refinance Cost Recoup Calculator released on 11/11/2010

Given the recent interest rise some home owners might think to refinance their current mortgages. I thus built this free Mortgage Refinance Cost Recoup calculator to help people to make the  decisions. When you refinance a mortgage, you have to spend money and time to save money. So you have to crunch a few numbers to determine whether refinancing makes sense for you.

A primary goal of mortgage refinancing is to lower the regular (monthly, fortnightly etc) mortgage repayment so that you can save money over the term of your mortgage. When you are considering refinancing your mortgage it is important to calculate how long it is going to take you to break-even or to recoup the refinance costs. This is especially important if you plan to sell the property in a few years. If you cannot recoup the refinance costs before you sell the property, it is no point to refinance. This calculator will calculate how many months it will take you to recoup the costs of refinancing. According to the “Investing For Dummies” book, if it will take you more than five to seven years to recoup the refinance cost refinancing is probably too risky to justify the costs and hassles.

Often you want to talk to several banks so that you can get the best deal. Wouldn’t it be nice for you to know what the refinance interest rate has to be in order to recoup the refinancing cost in a certain time period (for example, 5 years)? This calculator can easily help you to find out the ideal refinance interest rate. If any bank’s interest rate is higher than that, you can simply walk away without wasting your time and effort with them.

You can download the FREE Mortgage Refinance Cost Recoup Calculator from Investment Property Calculator.

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