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Mortgage advisory tools

Use any of these right now — no account, no application, no credit pull. Everything is worked out on this page from the figures you enter, and your figures stay in this browser until you choose to save them.

Mortgage Advisory Tools

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Analysis and readiness

Educational planning tools. No credit report is pulled, nothing here is an approval, and every figure comes from what is entered on screen.

Nothing saved yet

Keeping your loan, refinancing, and paying extra on what you have — compared over one period you choose, including the balance still owed at the end.

Over 5 years

Keep the current loan

Loan paymentUnknown
Mortgage insuranceUnknown
Paid up front$0
Paid over the periodUnknown
Of that, interestUnknown
Still owed at the endUnknown
Cost over the periodUnknown
Cost to clear the loanUnknown

Refinance

Loan paymentUnknown
Mortgage insuranceUnknown
Paid up frontUnknown
Paid over the periodUnknown
Of that, interestUnknown
Still owed at the endUnknown
Cost over the periodUnknown
Cost to clear the loanUnknown
Monthly property taxes (same either way)Unknown
Monthly home insurance (same either way)Unknown
Simple payment break-evenUnknown
Refinance less keeping the loanUnknown

What these numbers mean

  • • Simple payment break-even only: up-front cash divided by the monthly saving. It ignores the balance still owed, a reset term, what the cash could earn elsewhere and tax treatment.
  • • Money out over the period on each side: the payments actually made, mortgage insurance for the months the loan exists, anything paid up front and whatever is still owed at the end. Any cash taken out is credited once, as money borrowed rather than a saving.
  • • You have not said how long you expect to keep the home, so nothing here accounts for selling or moving.
  • • You have not said whether any cash is being taken out, so that part is left unknown rather than assumed to be nothing.

Missing information

  • • what you still owe today
  • • your current rate
  • • how many months are left on your current loan
  • • the new rate you are comparing
  • • the new term
  • • the date of the new rate
  • • your mortgage insurance today (0 if none)
  • • the mortgage insurance on the new loan (0 if none)
  • • the points on the new loan (0 if none)
  • • the other costs of the new loan (0 if none)
  • • how much cash you are taking out (0 if none)

No conclusion is offered while figures are missing.

Deterministic arithmetic on the figures entered, over one common period, using fixed-rate amortisation. Figures marked over the period cover that period only, not the whole life of the loan unless a payoff total is shown. Taxes and insurance are shown apart and treated as unchanging. Not an offer, a rate lock, an approval or a recommendation.

Nothing is saved yet — these figures are only in this browser.

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