You will be able to find out the interest savings over the life of the mortgage when you consolidate your first and second mortgages and refinance into a single loan. You can also calculate the time period over which the interest savings can offset closing costs.
Added on: Fri Mar 16, 2007 8:33 pm
niemueller
Guest
Many people continue with the burden of 2 mortgages without the knowledge that they can make a lot of savings by refinancing them into a single mortgage. This calculator highlights this very point.
niemueller
Garthwaite
Guest
While considering refinancing their mortgage many people back off because of closing costs they may have to pay.
If they can calculate how closing costs can be balanced out by the savings made out of refinance then many people will take the initiative to free themselves of the burden of 2 mortgages.
