Envision Mortgage Solutions

708-597-8884 - S.W.
847-619-8123 - N.W.
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Envision Mortgage Solutions thrives only on honesty, on honor, on the sacredness of obligations, on faithful dedication to our clients and colleagues, and on unselfish performance. Without them, it cannot live.
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Envision Mortgage Solutions is a local company with 2 locations to serve you:

Crestwood Office
4731 Midlothian Tpke #32
Crestwood, IL 60445
[708] 597-8884
[contact us] [directions]

Schaumburg Office
1051 Perimeter Drive, Suite 900
Schaumburg, IL 60173
[847] 619-8123
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Licensed with the Illinois Department of Banks & Real Estate # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Brokers www.iamb.org, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State.

Licensed by the Commissioner of the Indiana Securities Division # 05-0413 LB and is a broker in good standing in accordance with the provisions of Indiana Code 23-2-5.

Should I Refinance ?
 

Mortgage Information
 Current Balance($)
 Current Payment($)
 Current Rate(%)

Home Information
 Home Value($)
 Years Before Sell

Refinance Info
 Loan Amount($)
  Interest Rate
 Term in Years
 Loan Points(%)
 Loan Costs($)

 

 

Instructions

Enter current mortgage, home, and refinance information. This calculator analyzes the total cost and savings of your refinance transaction as well as principal balance when you sell your home and break even periods.



Results

Payment Analysis
Current Payment: $733.00
Refinance Payment: $583.24
Monthly Savings: $149.76
Financial Analysis
Bal at Sale : $90,523
Refi Bal at Sale : $90,523
Total Costs: $2,973
Break Even: 1 Yrs, 7 Mths
 

Explanation

Based on your current and calculated mortgage payments, this calculator figures your monthly savings. It also compares your principal balance in 5 years with and without refinancing. Based on your total cost to refinance, a break even period is calculated in relation to your monthly savings. The time value of money and income tax deductions are not considered in this refinance calculation.

These calculations are only estimates and should not be used to determine actual loan costs. Please consult your tax advisor for information on the deductibility of interest for tax purpose. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.

Based on your current and calculated mortgage payments, this calculator estimates your monthly savings if you refinance your current loan. It also compares your principal balance in 5 years with and without refinancing. Based on your total cost to refinance (the loan points and loan costs you entered above), a break even period is calculated in relation to your monthly savings. The time value of money and income tax deductions are not considered in this refinance calculation.

 
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