If you're considering refinancing to consolidate some of your consumer debt, you may want to perform certain calculations to determine whether a new mortgage could improve your current situation. Before shopping for a mortgage, a homeowner may want to know her estimated loan amount or monthly payment. Using certain variables such as your estimated loan amount and projected closing costs a homeowner can calculate her approximate monthly mortgage payment.
Instructions
- 1
Check your mortgage balance. View a recent mortgage statement to obtain your principal loan balance. The amount shown could be used to estimate the amount owed on your home loan. Your lender can provide a loan payoff statement that displays the amount needed to satisfy your current loan balance.
2Review your cash-out needs for items such as home improvements or debt consolidation.
Gather your credit card statements and other billing statements to obtain the amounts owed on consumer debts that you plan to consolidate.
3Estimate the closing costs for your refinance transaction. Use a closing cost calculator to determine your approximate expenses (see Resources).
4Add the estimated amount to pay off your mortgage and the funds you need for your cash-out requirements, as well as your approximate closing costs. Round the result upward to the nearest thousand to represent your estimated loan amount. For instance, if your total amount needed equals $139,700 round the result to $140,000.
5Use a mortgage calculator to find your monthly payment for the estimated loan amount (see Resources).
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