Mortgage - Free Calculators

Getsmart - This firm offers you quotes for a Refinance. It is a service of Lending Tree. You should be able to learn more about your loan options.

Mortgage Loan Basics

This mortgage scenario is for February 4, 2007.

The loan applicant's name is Melissa.

This borrower's goal is to do a refinance.

Example Property Background

This property is a single family residence.

This piece of real estate is located in South Gate, California.

This property type is a rental property.

Mortgage Type

The borrower's loan term in years is 30.

The middle credit score on the credit report is 740.

This borrower's loan will have full documentation.

Today's mortgage rates

The example mortgage rate on this new loan will be 7.50%.

The APR is calculated at 7.60%.

The Loan Size

This real estate property is currently worth $408,750.

The current mortgage loan on the property is a $261,600.

This borrowers wants to cash out around $65,400.

The new loan size is $327,000.

The loan to value ratio on the property is 80%.

The Monthly Payment

The monthly mortgage on this will be $2,286.

If this were an interest only loan the monthly mortgage payment would be $2,044.

In this example this is smaller than a regular monthly payment by $243. 

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300 LOAN TIPS