Advance Mortgage Refinance calculator is known as All-In-One Advance Loan Refinance Calculator with Cash-out and Upfront Cost features in it. It is based on excel spreadsheet and google spreadsheet templates. This is used as Home Mortgage Refinance Calculator, Car Loan Refinance Calculator, Auto Mortgage Refinance Calculator, Home Renovation Mortgage Refinance Calculator and Two-Wheeler Mortgage Refinance Calculator. You can also use this tool as Personal Mortgage Refinance Calculator, Payday Loan EMI Refinance Calculator, Line of Credit Refinance Calculator, Agriculture EMI Refinance Calculator, Credit Card Loan Refinance Calculator, Education Loan EMI Refinance Calculator, Mortgage Refinance Calculator Against Credit Card / FD / Savings / Mutual Funds / Stocks / Gold, Consumer Durable EMI Refinance Calculator, SME / Small Business Mortgage Refinance Calculator and many more.
Note: (1) Excel spreadsheet and google spread works different. Many of the excel based functions do not work with google spreadsheets. For example: changing currency symbol do not work in google sheets. You have option to apply theme only in excel sheets. Keeping this in mind, we have provided 3 different types of templates with maximum compatible with google spreadsheet. (2) Click on “Enable Editing” when you see “Protected View” default error message in your excel spreadsheet.
What is Refinance?
Refinance means a borrower looks toward replacement of existing loan with new loan along with the benefits of refinancing. Usually refinance is chosen to save money on debt payments from new loan agreement. Refinance known as refinancing to refi in banking terms and financial terms.
Refinancing is actually done for reasons like: lowering monthly payments, reducing interest rates, shortening of loan tenure, combining and consolidating multiple mortgage loan, adding or removing names in mortgage obligations, switching between fixed and adjustable interest rate, cash-out through home equity from refinancing and more.
How Refinance Work?
The process of mortgage refinancing is quite similar to applying a new loan. You will start by comparing interest rates, fees, terms and other charges of different banks and financial institutions. You can even use loan comparison calculator to evaluate the best rate provided by different lenders. If your credit score is good, you can negotiate with lender to lower the interest rate on new loan.
The only different between refinancing and new loan is that you need to get into additional process of closing your existing loan. You should always get clear details on upfront cost, loan closure charges, prepayment penalties, fees or any other kind of charges borrower need to pay to lender.
Let us take an example of refinance to understand it better. Consider that your current home valuation is 800,000 and current loan balance is 400,000 at 6% interest rate. Assume that you are been offered 4% interest rate by another lender based on your good credit score. Initially you can talk to your existing lender to reduce the interest rate. At times your existing lender do not give the benefit to you. You can go with another lender in such situation to get benefits of refinance on your loan.
In existing loan, you might be paying monthly installment of 4,441 amount for 10 years. For refinance loan you will be paying monthly installment of 4,050 amount for 10 years based on 4% interest rate. You can use Loan Calculator to evaluate your new loan offered by lender. This means that you will be saving monthly 391 amount for 10 years (120 months). When calculating for 10 years, you can save up to 46,920 amount after refinancing your loan.
What is Cash-Out Refinance?
Cash-out Refinance means choosing newer loan which is higher than current loan balance to release cash. This means that difference between the current loan and refinance loan will be the cash-out amount from the loan. Cash-out refinance is an alternative mortgage refinancing option available in financial market. In simple words, brand new mortgage will be of greater value than the existing loan balance in order to free cash from home equity.
How Cash-Out Refinance Works?
Basic intention is to withdraw portion of your money from home equity by means of Cash-out refinancing. Cash-out refinance usually comes with higher interest rates with increase in your loan balance. There are terms and conditions applied by lender on cash-out refinancing. Usually lenders restrict the withdrawal amount up to 80 percent of your home value.
Cash-Out Refinance Examples
Let us take an example of cash-out refinance to understand it better. Consider that current valuation of your home is 500,000 and your loan balance is 300,000 in local currency. Assume that you need to take out 40,000 after cash out refinancing. Your cash out finance amount will be added to principal of the new house loan. Now your new loan amount will be 340,000 after choosing cash out refinance.
Understanding the concept by one more cash-out refinancing example. Let us consider the about given scenario for our next example. Assume that you need to free up 150,000 cash by increasing new loan amount by 450,000 (300,000 + 150,000). Mostly lender reject to increase loan amount by 450,000 as difference between home valuation and loan amount is lesser. Maximum of 100,000 amount is allowed as a part of cash-out refinance. This means that your new loan amount will be 400,000 (300,000 + 100,000) which is up to 80% of restricted limit by lender on home valuation.
How to Use Advance Mortgage Refinance Calculator?
It is simple to use google and excel based spreadsheet tool. You just need to enter current loan details and refinance loan details in first “Refinance Calculator” sheet. All the remaining details like detailed summary, charts, In-depth view chart and tables will automatically be calculated.
You can navigate to in-depth view for current loan and refinance loan for your analysis and evaluation purpose. In-depth view you can modify and customize data with EMI payment method, extra payment and interest only payment.
All the features are briefly explain in our video. You can download the google spreadsheet and excel spreadsheet tool from the link given in this article and play with it. This tool is 100% free for everyone to customize and modify it for personal and internal use.
These spreadsheets are not lock with password. You can customize these spreadsheets at maximum level as per your requirement. These tool cannot be use to re-sell or sell with customized or freebies. You will need a write an email for approval to conduct any such activities. Hope you will enjoy using this tool.
Who can Use Mortgage Refinance Calculator?
Here we have provided advance loan refinance calculator with cash-out and upfront cost called as advance mortgage refinance calculator in this article. You can download excel based calculator with interactive charts, summary and amortization table. You can use this loan refinance calculator as below calculators.
- Home Mortgage Refinance Calculator / House EMI Refinance Calculator
- Personal Loan Refinance Calculator
- Auto Loan EMI Refinance Calculator / Vehicle Loan Refinance Calculator
- Home Renovation Loan EMI Refinance Calculator
- Two-Wheeler Loan Refinance Calculator / Bike EMI Refinance Calculator
- Payday Mortgage Refinance Calculator
- Line of Credit Refinance Calculator
- Credit Card EMI Refinance Calculator
- EMI Refinance Calculator Against Credit Card / Fixed Deposits / Mutual Funds / Stocks
- SME / Large / Small Business Mortgage Refinance Calculator
- Gold Loan Refinance Calculator
- Education Loan EMI Refinance Calculator
- Consumer Durable Advance Mortgage Refinance Calculator
- Product EMI Refinance Calculator
- Agriculture EMI Refinance Calculator
- And Many More Types of Loans.
You will surely see the advantages of All-In-One Advance Mortgage Refinance Calculator with Cash-out and Upfront Cost features in your business. You can download google or excel spreadsheet and get full control to edit, customize and modify it according to your needs. Let us know your feedback, if you have like it.
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