Definition: "Refinance Calculator" is a term that refers to an online tool or software used by borrowers who want to calculate the new interest rate or loan amount on their mortgage loan after refinancing. The purpose of this calculator is to help people understand how much they need to borrow, including whether they are eligible for a lower rate, and what other factors may affect their monthly payments. The term "mortgage rate refinance calculator" likely refers to a type of online tool that allows users to calculate the interest rates and loan amounts on their mortgage or home equity loans after refinancing. The user is prompted to enter various information such as the amount of the loan, the new loan amount, and any other changes made to the mortgage loan, such as whether it's being refinanced or a modified loan. The calculator also provides useful tips and advice for borrowers about what factors may affect their monthly payments, including income, credit scores, and overall debt-to-income ratio. It helps people make informed decisions by providing them with accurate information on how much they can afford to borrow and how much additional interest they should expect to pay each month. Overall, the purpose of a mortgage rate refinance calculator is to help borrowers understand their options for refinancing and how much borrowing might impact their monthly payments and overall debt situation.
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