Menu Show Menu Show Menu
HomeFeatured ListingsMLS Home Search NCAbout MeTestimonialsDirections To OfficeUtility Contact InfoSchool SearchGet Pre-QualifiedDream Home FinderYour Home's ValueMortgage CenterBuyer ReportsSeller ReportsTell A FriendChamber of CommerceJohn C. Campbell
Coldwell Banker High Country Realty
157 Hiwassee Street
Murphy, NC 28906
Phone: (828) 342-5616
Fax: (828) 233-5575
The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER'S AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® who meet the specified educational and practical experience criteria.An arrangement by which real estate brokers place their listings together so that all members of the multiple-listing service have an opportunity to sell properties listed by other members of the service.A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION of REALTORS® (USA) or the Canadian Real Estate Association (Canada). The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics.SRES stands for Seniors Real Estate Specialist. The SRES designation acknowledges REALTORS® who have completed an education program that provides practical real estate training for the over 55 client. This program is above and beyond the education required to earn a real estate license.The e-PRO designation is NAR's online training program to certify real estate professionals as Internet Professionals. Comprehensive and interactive with other successful real estate professionals who are taking the course at the same time you are. e-PRO is the only designation program of its kind recognized nationwide and endorsed by the NATIONAL ASSOCIATION OF REALTORS® (NAR).The Christian Fish, also called the Jesus Fish or Ichthys, was a secret symbol of early Christianity.NAR’s Green Designation is the only environmental real estate designation addressing multiple specialties.Hold mouse over logo for description.
MURPHY, NC Weather
Mortgage Calculator     
Calculators Provided by: IMAGEPROWEBSITE.COM

Should I Refinance?

Input Information
  Before Refinancing After Refinancing
Amount : ($)
Interest Rate : (%) (%)
Length : (Yrs) (Yrs)
Months Paid : (Mts)
Years Before Sell : (Yrs)
Fees and Points
Points : (%)
Origination Fees : (%)
Closing Costs : ($)
Your Taxes Rates
Tax Rate : (%)
State Tax Rate : (%)

Financial Analysis (Switch to Plain English)
  Before Refinancing After Refinancing
Monthly Payment : $1,122.61 $1,136.20
Total Monthly Payments : $67,356.70 $68,172.28
Monthly Payment Savings : $-815.58
Total Interests Paid : $36,681.21 $48,344.56
Tax Savings : $11,371.18 $14,986.81
Tax Saving Losses : $-3,615.64
Balance at Refinance : $224,242.68
Points Value : $2,242.43
Refinance amount : $224,242.68
Balance at Sale : $193,567.19 $204,414.96
Balance Losses : $10,847.77
Total Losses : $7,232.13
Total Closing Costs : $3,442.43
Total Savings : $-815.58
Total Benefit
(Savings - Losses - Closing) : 		$-11,490.14
Plain English Help (Switch to Financial Analysis)

Deciding whether or not you should refinance your home mortgage depends upon several factors. It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.

To understand better, let’s look at an example. If your original 30 years loan was for $250,000.00 with a 3.500% interest, and you have already paid on it for 60 months, it will increase your monthly payment if you refinance for a new 30 years period but with a 4.500% interest rate.

If your Federal tax rate is 26.000% and your state tax rate is 5.000%, you were probably paying $1,122.61 per month toward your home. When you refinance at the new rate, you will pay $1,136.20 instead, but your tax benefits will also be affected by this change.

The bottom line is:

  • your tax savings will be $3,615.64 more (bigger tax benefit is better)
  • your remaining balance will be $10,847.77 bigger because you will pay less toward your mortgage principal (bigger principal is worse)
  • closing your refinancing process will cost you $3,442.43

Summing up these numbers, we can figure out your total refinancing LOSSES, which will be $11,490.14.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.