Closing Cost Calculator - How To Pay Refinance Closing Costs
When you refinance your mortgage you may be able to choose how to pay for your closing costs from the following options:
- pay cash at closing;
- include closing costs in your loan amount and make a higher mortage payment; or
- pay a higher interest rate and make a higher mortgage payment.
Use this mortgage calculator to help determine whether you should include closing costs in your mortgage loan amount or pay cash at closing.
- Credit Card
- The total of the minimum monthly payments you are required to make on your credit cards. You should not include credit card balances that you pay off in full every month.
- Discretionary Income
- The amount of money left over from your income after you pay your current taxes, and essential expenses necessary to maintain a reasonable standard of living, such as your food, mortgage, rent, utilities, insurance, clothing, transportation, maintenance, child support and sundries.
- Emergency Savings
- Money you can use to pay for your expenses if you have an unexpected loss of income and/or increased expenses. Savings that covers 6-12 months expenses is a good start.
- Home Value
- The current market value of your home. At the time you buy a home this is often the purchase price of your home.
- Loan Amount
- The initial principal balance or your mortgage at closing.