Step 1: Getting Started
Okay, let's dive into the step-by-step tutorial for the Refinance Savings Estimator.
First, enter your current mortgage details - the loan amount, interest rate, and remaining term. Then, input the new loan details you're considering, like the interest rate and term. The tool will automatically calculate your potential monthly savings.
Step 2: Using the Tool
When you use the Refinance Savings Estimator, for example, let's say you currently have a $250,000 mortgage at 5% interest with 15 years left. If you refinance to a 4% interest rate and a 15-year term, you could save around $150 per month. That's a significant amount that could really add up over time.
