answersLogoWhite

0

Refinancing your debts can provide you with many benefits. For example, a credit card consolidation loan is a type of refinance that can result in easier repayment of debt, a lower monthly payment, reduced interest charges or a combination of all three. Other types of debts, such as your home mortgage, your car loan, personal loans and others can also be refinanced. However, before you make the decision to refinance any of your debts, it is important to use a refinance calculator.

The Monthly Difference

Many people who consider refinancing their debts do so to save money on their monthly expenses. For example, refinancing your current car loan to a new loan with a lower interest rate or a longer loan term may result in a more affordably payment. Before you make the decision to refinance your loan, however, use a refinance calculator to determine how significant the benefit of refinancing would be. Some borrowers are surprised to learn that refinancing will only save them a few dollars per month, but others may be astounded at the savings they can enjoy through refinancing.

The Long-Term Benefits

It is also important to use a refinance calculator to review the long-term benefits associated with a refinance. Most debts that will be refinanced are long-term debts that may take you years to pay off. Consider using a refinance calculator to determine how refinancing would affect your estimated loan pay off debt. In addition, consider taking a closer look at the total interest charges on the debt. Compare the interest charges you will pay on the debts if you do not refinance them against the charges that you will pay if you do refinance them.

There are many factors to consider before you make the decision to refinance your debts. Each individual may have different motivations for refinancing. For example, one borrower may be interested in refinancing credit card debt to save money on monthly payments, but another borrower may be interested in refinancing a 30-year mortgage to a 15-year mortgage so that the loan can be paid off before he retires. Using a refinance calculator can help you to see the benefits and drawbacks associated with refinancing more clearly.

User Avatar

Wiki User

12y ago

What else can I help you with?

Related Questions

Where can I get the lowest refinancing?

Mortgage Loan has an online tool that allows individuals to select their state to find out lowest refinance rates. It gives tips to finding the best refinance option, national refinance rates, and has a Best Mortgage Calculator.


What are some tips that could benefit people looking to refinance their homes?

When someone wants to refinance their homes, one should talk to their mortgage company, financial banking expert for more tips, one might use the mortgage calculator as well.


What information would a refinance calculator provide?

A refinance calculator would provide information relating to the refinancing of a mortgage.


Where can one find a refinance calculator?

If you are interested in using a refinance calculator, most banking websites offer them. You will want to use a credible website so you know the information you are receiving is accurate. Websites such as bankrate and Bank of Canada have them.


How can a loan refinance calculator help me refinance my loans?

The Refinance Calculator helps you determine whether a refinance makes sense for you. It will also explain why and give you the necessary motivate to help you make the right conclusion.


What is the purpose of a car refinance calculator?

The purpose of a car refinance calculator is to help people figure out what the payments will be if they refinance an automobile. It helps to perform the calculations in an easy manner.


Where can I find an fha refinance calculator?

Mortgage 101 has a refinance calculator you can use on their website. Follow the link below to access the calculator. http://www.mortgage101.com/


Where can I find refinance tips and lessons online?

You can find refinance tips on the following website: http://www.lowermybills.com/tipsadvice/refinance.jsp. They have great tips.


What website has a good mortgage rate calculator?

Use this free mortgage calculator to save money on your home loan today. Includes amoritization tables, bi-weekly savings, refinance info, and helpful tips.


Where can I find more information about auto refinance calculator?

Here is a site that will help you learn more about an auto refinance calculator and how to use one. http://www.refinanceitt.com/auto-refinance-calculator.php


Which websites offer a free refinance calculator?

There are many websites that offer a free refinance calculator. These include those by most refinance banks, as well as sites such as Bank Rate and Realtor.


Where can one get help for a cash out mortgage refinance calculator?

One can get help for a cash out mortgage refinance calculator on various finance websites. A dedicated agent will be happy to help you with the calculator.