Your home price is the amount you would like to pay for your home.
Your loan term is the number of years your mortgage will be in place.
Your interest rate is the percentage of your loan that is charged as interest annually. It also determines your monthly payment. When choosing a rate, remember that lower rates often require you to bring more cash to closing while higher rates can help you cover closing costs.
Down Payment Amount
Your down payment amount is the portion of your home’s purchase price that you wish to pay for with your funds.
Desired Monthly Payment
Your desired monthly payment is how much you want your monthly mortgage payment to be.
Current Monthly Payment
Your current monthly payment is how much you’re paying every month on your mortgage payment excluding taxes and insurance.
Remaining Loan Balance
Your remaining loan balance is how much is left to be paid on your mortgage. This refers to the principal only. For example: if you have a $200,000 mortgage and have paid off $50,000 of the principle through your monthly mortgage payments, your remaining loan balance is $150,000.
New Interest Rate
Your new interest rate is the rate that will be applied when you refinance. Your old interest rate will no longer apply.
New Loan Term
Your new loan term is the amount of time you will have to pay back your loan after your refinance. Your old loan term will no longer apply.