With interest rates at sub-5%, everyone seems to be refinancing. If you want to know how much money you can save, just use this simple formula in excel: (I also saved the free Loan Payment Template in Google Groups: Calculate Monthly Loan Payments (Principle and Interest))
To calculate, you need 3 pieces of information. The term of the loan, the rate, and the loan amount (see the yellow fields below - this is a 30 year loan at 5% for $200,000)
In column C, I converted the Term from years to months (30*12) and the rate from annual to monthly (5% divided by 12)
The formula in cell D8 is =PMT(C5,C4,-D6) = $1,073.64. This includes both Principle and Interest, but not taxes or insurance.
By using this simple formula, you can figure out your monthly savings before you call a lender or mortgage broker.
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