The cost of a mortgage is reflected by the interest rate, discount points, fees, and origination charges. Remember that interest rates only tell part of the story. If you pay off your mortgage balance within a shorter term, you may pay less in total interest than with a longer-term mortgage.Shorter loan terms typically mean higher monthly mortgage payments, but often have lower interest rates.Your loan term is the amount of time you have to pay off your mortgage balance.On refinances, if you qualify, you may be able to finance the origination charge as part of your loan amount.The origination charge covers items including fees, document preparation, and underwriting costs, and other expenses.On a mortgage, this amount includes charges (other than discount points) that all loan originators (lenders and brokers) involved will receive for originating the loan.
On refinances you may be able to finance points as part of your mortgage amount. Consult a tax advisor regarding tax deductibility. A lower interest rate means lower monthly mortgage payments. If you qualify, you may be able to pay one or more points to lower your interest rate.
MORTGAGE CALCULATOR PAYOFF UPDATE
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