- 2 min read
Ethan Ewing, President of Bills.com, gives you free information on mortgage calculators.
Visit Bills.com for free mortgage quotes and more information.
Ethan Ewing, President of Bills.com, gives you free information on mortgage calculators. Visit Bills.com for free mortgage quotes and more information. Also, be sure to check out the cool new Refinance Calculator to help you calculate your refinance savings with a new Home Refinance Loan.
"Hi, I am Ethan Ewing, president of Bills.com, today I want to talk to you about the mortgage payment calculator. Mortgage calculators are extremely popular these days, we get about 5 million people a month online searching for the term mortgage calculator, so in Bills.com we provided a few great mortgage calculators, we just put in a new one out you will see it on the home page of Bills.com. Some important things you have to remember when you are looking to calculate the savings of a new mortgage versus an old mortgage. What you really need, is just a few things, you need obviously, to know your current mortgage payment is, what is your current interest rate is and what the current term and loan balance are for your existing mortgage. Then you’ll compare that with the terms of the new loan, and the most important thing there of course is same thing your new mortgage payment, your new mortgage interest rate, your new mortgage loan balance, and your new mortgage term, how may years you are going to be paying it off.
Once you get and have all those items in, you are going to use the calculator, it will spit you out great results and tell you exactly what your monthly savings are for each month, and then you will be able to determine is it worthwhile for you to refinance or not, are those monthly savings big enough to go through the process of refinance. In most cases, if it is $100 or 150 bucks plus, probably a pretty good idea to go through refinance process, rates are great right now. Thanks a lot, hope that helps and we’ll see you next time."
The Latest on Mortgage Rates
Mortgage rate fluctuations should come as no surprise. If you are buying a home or refinancing your existing mortgage, it is important to stay informed about the current mortgage rates.
Mortgage rates February 21, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of February 21, 2024 stands at 6.9%. This reflects a 13 basis points increase from the previous week's rate.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.
Additionally, Freddie Mac reports that the 15-year mortgage rate for February 21, 2024 is 6.29%, indicating a 17 basis points increase from last week’s rates.
What does the mortgage rate mean for you?
Mortgage rates play a vital role in determining your monthly payment. Let's take a look at the avergage interest rates (APR) for February 25, 2024 based on Zillow data for borrowers with a high credit score (680-740) in the United States:
- For a 30-year conventional loan, the interest rate is 6.88%.
- If you opt for a 15-year conventional loan, the interest rate stands at 6.08%.
Using the rates mentioned above, a $279,082 30-year-year mortgage would result in a monthly payment of $1,834. On the other hand, a 15-year mortgage would require a monthly payment of approximately $2,367.
Simplify your mortgage journey: Shop around and get pre-approved today!
To make the home-buying or refinancing process a breeze, we highly recommend shopping around for mortgages and getting pre-approved. So, why not Check Out mortgage rates now for the best options available.