How do I find out if I should refinance my current home?
If you already own your own home but are wondering if it would be wise to refinance your mortgage, the Refinance Calculator can quickly give you the information you need to make an informed decision. Use it to answer questions such as "If I refinance my mortgage at an 8 percent interest rate, how much money will I save each month?"
- Click the Planning tab.
- Choose Planning Tools > Refinance Calculator.
- In the Existing Mortgage area of the Refinance Calculator dialog, enter information about your current loan.
- Click Calculate. Quicken calculates the monthly principal/interest amount.
- In the Proposed Mortgage area, enter information about the proposed refinanced mortgage.
- Click Calculate. Quicken calculates the monthly principal/interest amount and monthly savings.
- In the Break-Even Analysis area of the Refinance Calculator dialog, enter information about closing costs and mortgage points.
- Click Calculate. Quicken calculates total closing costs and the months required to break even.