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A Quick Word from Terry, Mike and Dug:

During this time of uncertainty and sheltering-in-place, we will continue to have at least one person in-office daily until at least 1:00 PM PDT to meet the needs of you, our clients.  Alternate servicing procedures are also in place so direct face to face contact can be minimized.  If you must leave a voice message or contact us by email, know we will get back with you as quickly as possible.We are here to serve your needs despite this situation. From everyone at Laguna Financial Services 

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Mortgage Refinancing

Should You Refinance Your Mortgage?

During the past few years, record numbers of Americans have refinanced their home mortgages as a result of historically low interest rates. This calculator is designed to help you determine whether you should consider refinancing your mortgage.

 
 

The results below show the estimated cost of refinancing, your current and refinanced mortgage payment amount, the monthly savings, and the amount of time it will take you to recoup the costs of refinancing. If you plan to sell your home before you recoup the cost of refinancing, it may not be worthwhile. However, if you plan to stay in your home beyond that time, refinancing could possibly save you a substantial amount of money.

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Your Results
Description Amount
Total estimated refinance costs: $0.00
Current monthly payment: $0.00
Estimated monthly payment (refinanced): $0.00
Monthly savings: $0.00
Break even (in months) to recover refinancing costs: 0 months

The calculation above assumes the refinance costs are not added to the new loan. This hypothetical example assumes your mortgage is subject to refinancing.

The graph below illustrates the difference between your current mortgage and the mortgage you are considering. You can see what the balance and payoff time would be for each mortgage. Although your monthly payments and overall expenses may be reduced if you refinance, the term of your payments may be longer. For example, if you have been paying on your current 30-year mortgage for five years and you refinance a new 30-year mortgage, you will be making payments for an additional five years.

Projected Refinance Costs

The calculation above assumes the refinance costs are not added to the new loan. This hypothetical example assumes your mortgage is subject to refinancing.