Mortgages | Bonds | Home Loans | Refinancing | Debt Consolidation | New Business Loans
 
 
Home Debt Consolidation Credit Card Debt Loan Products Mortgage Bonds About us Contact us


Rating
starstarstarstarstar
    more
 
debt consolidation Credit Card Payoff Goal
debt consolidation Rent vs Buy
debt consolidation Should I Refinance
debt consolidation What If I pay more per month
debt consolidation Which Loan is Better
debt consolidation Interest only Calculator
debt consolidation Payment per R1000
debt consolidation Mortgage Payment Calculator
debt consolidation Mortgage Principle Calculator
debt consolidation Mortgage Length Calculator
debt consolidation Interest only with additional payment
debt consolidation    
Financial Calculator  

Should I Refinance?

Input Information
  Before Refinancing After Refinancing
Amount : (R)
Interest Rate : (%) (%)
Length : (Yrs) (Yrs)
Months Already Paid : (Mts)
Years Before Sell : (Yrs)
Refinancing Fees and Stamp Duty
Quit Fees : (%)
App. Fees and Stamp Duty : (R)
 Let Me Print That Form in PDF!

To Email Address :
Name :
Phone # :

Financial Analysis (Switch to Plain English)
  Before Refinancing After Refinancing
Monthly Payment : R1,342.05 R1,163.21
Payments Before You Sell the Home : R80,523.24 R69,792.40
Monthly Payment Savings : R10,730.84
Quit Fees : R800.00
App. Fees and Stamp Duty : R1,200.00
Refinance amount : R229,571.83
Balance at Sale : R203,355.16 R209,272.90
Balance Losses : R5,917.74
Total Fees and Stamp Duty : R2,000.00
Total Savings : R10,730.84
Total Benefit
(Payment Savings - Balance Losses - Fees and Stamp Duty) :
R2,813.10
Plain English Help (Switch to Financial Analysis)

Deciding whether or not you should refinance your home mortgage depends upon several factors. It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.

To understand better, letís look at an example. If your original 30 years loan was for R250,000.00 with a 5.000% interest, and you have already paid on it for 60 months, it will reduce your monthly payment if you refinance for a new 30 years period but with a 4.500% interest rate.

Probably, you are paying R1,342.05 per month toward your home. When you refinance at the new rate, you will pay R1,163.21 instead, saving you total R10,730.84 in monthly payments.

The bottom line is:

  • total monthly payment savings will be R10,730.84
  • your remaining balance will be R5,917.74 bigger because you will pay less toward your mortgage principal (bigger principal is worse)
  • quitting previous loan and opening a new one will cost you R2,000.00

Summing up these numbers, we can figure out your total refinancing BENEFIT, which will be R2,813.10.

     
  bot
home | blog | about us | testimonials | FAQs | contact us | our loan products | home loans | bond calculator
bond refinancing | bond application | debt consolidation | home improvement loan | 2nd bonds | business loans

RSS Feed | XML Sitemap | ROR Sitemap
Terms and Conditions, Privacy Policy, Copyright © 2007 Global Property Finance
Cape Town, South Africa. Tel: +27 086 110 6204