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This tool allows you to enter in the parameters for an existing loan and a new proposed loan. It will the perform an analysis that will help you determine if refinancing is beneficial.
Changing the value in the Amount, Interest Rate, Term, or
Interest Only Checkbox will automatically cause the amortization schedule to be
recomputed (and a new monthly payment displayed). Months Remaining refers to the number of months remaining
on the existing loan. Closing Costs refers the amount of money necessary to
refinance the loan (closing costs, etc.). After entering the parameters for the existing and proposed loans, hit the Analyze button to get the analysis.
As you can see from this example, the Refinance Analysis Tool will display a lot of valuable information:
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