0?(d.number(i.DS_BREAK_EVEN[c])+" "+(i.DS_BREAK_EVEN[c]==1?KJE.MSG_MONTH_LBL:KJE.MSG_MONTHS_LBL)):i.MSG_NONE);c++;j[c]=d.number(i.DS_BREAK_EVEN[c])+" "+(i.DS_BREAK_EVEN[c]==1?KJE.MSG_MONTH_LBL:KJE.MSG_MONTHS_LBL);if(!this.AU){c++;j[c]=d.number(i.DS_BREAK_EVEN[c])+" "+(i.DS_BREAK_EVEN[c]==1?KJE.MSG_MONTH_LBL:KJE.MSG_MONTHS_LBL)}c++;j[c]=d.number(i.DS_BREAK_EVEN[c])+" "+(i.DS_BREAK_EVEN[c]==1?KJE.MSG_MONTH_LBL:KJE.MSG_MONTHS_LBL);a[0]=j;h._axisY.setFormat(d.FMT_NUMBER);c=0;i.CAT_BREAK_EVEN[c]+=" "+j[c++];i.CAT_BREAK_EVEN[c]+=" "+j[c++];if(!this.AU){i.CAT_BREAK_EVEN[c]+=" "+j[c++]}i.CAT_BREAK_EVEN[c]+=" "+j[c++];i._showItemValues=a;h._showItemValues=a;h.add(new KJE.gGraphDataSeries(i.DS_BREAK_EVEN,"",f.getColor(1)));h.setGraphCategories(i.CAT_BREAK_EVEN);h.setTitleTemplate(d.dollars(i.TOTAL_CLOSING_COSTS));h.paint();g.removeAll();g.add(new KJE.gGraphDataSeries(i.DS_OLD_PRINCIPAL_BALANCE,this.MSG_GRAPH1,f.getColor(1)));g.add(new KJE.gGraphDataSeries(i.DS_NEW_PRINCIPAL_BALANCE,this.MSG_GRAPH2,f.getColor(2)));g.setGraphCategories(i.cats);g.setTitleTemplate(d.dollars(i.CURRENT_TOTAL_INTEREST),d.dollars(i.TOTAL_INTEREST));g.paint();e.NEW_LOAN_BALANCE.setValue(i.NEW_LOAN_BALANCE,true)};KJE.InputScreenText=" **GRAPH1** **GRAPH2** **GRAPH3** ";KJE.DefinitionText=" Original mortgage amountOriginal amount of your mortgage. Appraised valueThe appraised value of your home when you purchased it. Current interest rateThe annual interest rate for the original loan. Current term in yearsTotal length of your current mortgage in years. Years remainingNumber of years remaining on your current mortgage. Income tax rateYour current income tax rate. **TAXTABLE_CURRENT_DEFINITION** Calculate balanceTo let the calculator determine your remaining balance, based on your original loan information and years remaining, check this box. To enter your own amount, leave this box unchecked. Current appraised valueThe current appraised value of your home. Loan balanceBalance of your mortgage that will be refinanced. New interest rateThe annual interest rate for the new loan. New term in yearsNumber of years for your new loan. Loan origination rateThis is the percentage of the new mortgage that is paid to the lender as the loan origination fee. Typically, this fee is 1% of the loan balance. Points paidThis is the number of points paid to the lender to reduce the interest rate on the mortgage. Each point costs 1% of the new loan amount. Other closing costsEstimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid. Monthly PMI paymentMonthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero.Normally PMI is required if you have less than 20% equity in your home, however for the refinance of loan guaranteed by Freddie Mac or Fannie Mae you may not be required to pay PMI if your current mortgage doesn't require it. Check with your lenders for details. Check the box "do NOT include PMI" if this applies to your refinance.
Current paymentYour current payment is the sum of principal, interest and PMI (Principal Mortgage Insurance). Because refinancing does not affect your insurance or taxes, they are not included here. New paymentYour new payment is the sum of principal, interest and PMI. Monthly PI paymentMonthly principal and interest payment. Break even monthly payment savingsThe number of months it will take for your monthly payment reduction to be greater than closing costs. Break even PMI & interest savingsThe number of months it will take for your interest and PMI savings to exceed your closing costs. Break even total savings after-taxThe number of months it will take for your after-tax interest and PMI savings to exceed your closing costs. Break even total savings vs. prepaymentThis is the most conservative break even measure. It is the number of months it will take for your after-tax interest and PMI savings to exceed both your closing costs and any interest savings from prepaying your mortgage. The prepayment amount used in this calculation is the amount that you would have to spend on closing costs. ";KJE.ReportText=' The table below lists four different break even measurements. The computations become more conservative as you move down the list. Most people feel comfortable using methods 2 and 3. If you are planning on staying in your home longer than these measures, refinancing is a very good option. **GRAPH**
Monthly payment savings: | BREAK_EVEN_PAYMENTS | The number of months it will take for your monthly payment reduction to be greater then your closing costs.
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PMI & interest savings: | BREAK_EVEN_INTEREST | The number of months it will take for your interest and PMI savings to exceed your closing costs.
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Total savings after-tax: | BREAK_EVEN_TAX_INTEREST | The number of months it will take for the after-tax interest and PMI savings to exceed your closing costs. Your income tax rate was entered as INCOME_TAX_RATE.
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Total savings vs. prepayment: | BREAK_EVEN_PREPAY | This is the most conservative break even measure. It is the number of months it will take for the after-tax interest and PMI savings to exceed both the closing costs and any interest savings from prepaying your mortgage. The prepayment amount used in this calculation is the amount that you would have to spend on closing costs.
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Refinancing will change your monthly payment for principal, interest and PMI from CURRENT_PAYMENT to NEW_PAYMENT. Your new loan will be NEW_LOAN_BALANCE at NEW_RATE for NEW_LENGTH years. Closing costs are estimated at TOTAL_CLOSING_COSTS. To avoid PMI payments on your new loan NEW_LOAN_20_EQUITY in equity is required. This equals PMI_PERCENT of your home\'s current appraisal price. **GRAPH** Mortgage amount | ORIGINAL_LOAN_AMT | Mortgage amount | NEW_LOAN_BALANCE |
Appraised value | OLD_LOAN_APPRAISED_VALUE | Appraised value | NEW_LOAN_APPRAISED_VALUE |
Interest rate | CURRENT_RATE | Interest rate | NEW_RATE |
Term in years | CURRENT_LENGTH | Term in years | NEW_LENGTH |
Years remaining | CURRENT_YEARS_REMAINING | Years remaining | NEW_LENGTH |
PI payment | CURRENT_PI | PI payment | MONTHLY_PI |
Monthly PMI | CURRENT_MONTHLY_PMI | Monthly PMI | MONTHLY_PMI |
Total interest remaining | CURRENT_TOTAL_INTEREST | Total interest | TOTAL_INTEREST DIFFERENCE_TOTAL_INTEREST |
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**GRAPH** **REPEATING GROUP** ';