Mortgage Refinance Calculator Loan Amount (in dollars): Interest rate (in percent): Term of loan (in years): Calculate Refinancing Cost function calculateRefinancingCost() { let loanAmount = parseFloat(document.getElementById("loanAmount").value), interestRate = parseFloat(document.getElementById("interestRate").value), loanTerm = parseFloat(document.getElementById("loanTerm").value); let refinancingCost = ((loanAmount * interestRate * loanTerm)) / 100; document.getElementsByClassName("calculation-result")[0].innerHTML = "The total cost of refinancing is: $" + refinancingCost.toFixed(2); } Here is a good HTML validator you can use to check your work. https://validator.w3.org/ Mortgage Refinance Calculator: Understand What Works For You These days, there are plenty of refinancing options to choose from and a lot of people are considering refinancing their mortgages. Before taking on the process, it’s important to understand what works best for your situation. A mortgage refinance calculator can help give you an idea of what you could expect from each option. Here’s what you should know. When you refinance your mortgage, you are replacing your current loan with a new loan. This process can be used to lower your monthly payments or get a lower interest rate. It can also be used to shorten the length of your loan or take out cash from your equity. To get an idea of what works for you and your finances, it’s important to use a mortgage refinance calculator so you can see what type of savings you could receive. Using a mortgage refinance calculator is easy and straightforward. All you need to do is input the specifics of your current loan. Include details such as the current balance and terms, the current interest rate, and the desired loan terms you are looking for. Once these are input, the calculator will display the different options you may be presented with, giving you an idea of how much money you would save with each option. Once you have used a mortgage refinance calculator to get an idea of what works best for you, it’s time to speak with a lender or mortgage broker. They can give you more specific details on your estimated savings and help you determine the best option for your financial situation. With the knowledge and data from the mortgage refinance calculator, you will be able to decide whether or not refinancing is the right thing for you. It’s important to understand that the best option isn’t always the lowest interest rate, as this could lead to higher costs in the long run. Before you make any final decisions, make sure to speak with a financial professional who can provide you with more information and guidance. With the help of a mortgage refinance calculator, you can get an idea of what works for you in order to get the best deal possible. Benefits of Refinancing Your Mortgage Refinancing your mortgage can have many benefits. Here are just a few: Lower monthly payments which can save you money each month. A potentially lower interest rate which may save you money in the long run. The opportunity to take cash out of your equity to pay for other expenses. Decreased loan term which will reduce the amount of total interest you pay. It’s also important to be aware of potential drawbacks to refinancing your mortgage. While there can be some great benefits, there are also some potential costs associated with the process. These can include closing costs, appraisal fees, and any origination fees. Make sure to weigh the pros and cons before making any final decisions. Assessing Your Options With a Mortgage Refinance Calculator Using a mortgage refinance calculator, you can get an idea of what works best for your situation. Here is an example of what kind of information you’ll input and an example of the output you can expect. Let’s say that you currently have a loan with a balance of $200,000 and an interest rate of 4.5%. You are looking to refinance to lower your monthly payments and lengthen the length of your loan. With this in mind, you can input the details into a mortgage refinance calculator. The output may be something like this: You can refinance your loan to a 30-year, fixed-rate loan at an interest rate of 3.82%, resulting in a monthly payment of $905.34. This would reduce your monthly payments by $211.78 and your total interest paid over the life of the loan by $48,072. This result can help you to make an informed decision about whether or not you should refinance your mortgage. Keep in mind that a mortgage refinance calculator is an estimate and that your actual results may vary. This is why it’s important to look at all of your options and speak with a financial professional who can provide you with more information and guidance. Getting Started With Refinancing Your Mortgage If you are interested in refinancing your mortgage, the first step is to use a mortgage refinance calculator. This will give you an idea of what options are available to you and the estimated savings you could receive. Once you have an idea of what works best for you, the next step is to speak with a financial advisor who can help you make the best decision for your particular situation. Using a mortgage refinance calculator and understanding what works for you is an important part of the refinancing process. With the help of a mortgage refinance calculator and the guidance of a financial advisor, you can ensure that you get the most from your refinancing.