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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: FIREintraining11 on March 12, 2020, 11:03:55 AM

Title: Mortgage refinance calculator w/ additional principal payments?
Post by: FIREintraining11 on March 12, 2020, 11:03:55 AM
Does anyone know of a good mortgage refinancing calculator that includes additional principal payments?  Or more specifically what the break even additional principal payment is between two rates?

I currently owe $87,000 on my house purchased for $137,000 in 2017.  My current mortgage rate is 4.00% for a 30 year loan.

Through credible.comís refinance rates I can get a 15 year fixed mortgage for 2.625% + $5,000 in loan costs.

Asking because I started a new job in September at a lower salary and wonít be able to pay down the principal as aggressively as I have the past few years.
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: ericbonabike on March 12, 2020, 11:49:22 AM
this is what I've been using.
You can download the excel spreadsheet at the very bottom.

very nice.

http://www.tvmcalcs.com/index.php/calculators/apps/excel_loan_amortization_with_extra_payments
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: DK on March 12, 2020, 12:08:34 PM
https://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: Sibley on March 12, 2020, 12:55:11 PM
I have my own amortization schedule in excel.
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: FIREintraining11 on March 13, 2020, 08:08:36 AM
this is what I've been using.
You can download the excel spreadsheet at the very bottom.

very nice.

http://www.tvmcalcs.com/index.php/calculators/apps/excel_loan_amortization_with_extra_payments

This worked great, thank you!
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: stacheinprogress on April 17, 2020, 09:30:22 AM
This is somewhat related to the question. I have used bankrate's refinance calculator to see if it would be worth it to refinance right now. Their calculator showed that refinancing would save $134k in interest over the life of the loan, evening with $9k in closing costs. However, when I put the same numbers into Zillow's refinance calculator, it showed that I would save just $60k in interest. Does anyone know why that might be?
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: MDM on April 17, 2020, 10:49:50 AM
Does anyone know why that might be?
One is correct and the other is incorrect?  Input error?

See http://forum.mrmoneymustache.com/real-estate-and-landlording/help-with-time-to-payoff-mortgage/msg1220054/#msg1220054 for a quick way (if you have Excel) to check.
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: rab-bit on April 17, 2020, 11:52:13 AM
I like this one:

https://financialmentor.com/calculator/mortgage-payoff-calculator
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: Beach_Stache on April 18, 2020, 07:38:07 AM
I love Karl's Mortgage Calculator: https://www.drcalculator.com/mortgage/
I have the app on my phone and when we would make extra payments I'd love to see how that would affect our end of loan date.  We refinanced in Nov 2019 so we don't pre-pay anymore since our rate is now 2.25% on a 15 year fixed, but I used the calculator to do the math to determine what the break even period was on refinancing with fees and how much we would ultimately save over time. 
Title: Re: Mortgage refinance calculator w/ additional principal payments?
Post by: TomTX on April 19, 2020, 06:21:25 AM
That sounds like a terrible refi offer.

Personally, I'd rather have cash/stocks than put extra money into a mortgage where it's hard to extract if you need it.