When you get a new mortgage to replace the old one, that’s called refinancing. This can help you obtain a better interest rate and make your payments more manageable. In today’s economic climate, paying your mortgage might be harder than you expected it to be. If this is something that you’ve struggled with, especially in light of recent events surrounding COVID-19, refinancing your mortgage might be a topic worth revisiting. But how can you find a mortgage calculator that will give you the best results? Looking to the internet and browsing through the hundreds of options of mortgage calculators can be daunting. I took the leg work out of choosing the best online mortgage calculator for you. After some extensive research, I found the most useful tool to be NerdWallet.com. It has proven to be especially helpful for a variety of reasons:

Ease of Use

Nerd Wallet’s calculator makes it easier than ever to understand your savings; you will not need a professional to help you parse these numbers. You simply input the cost of your home, what you are looking to achieve (i.e lowering your monthly payments, or lowering your total mortgage interest), your location, and a few more key facts like your interest rate. NerdWallet calculates how much you can save and even breaks it down by cash savings and difference in equity.

Breakdown of Process

NerdWallet’s online mortgage calculator clearly breaks down how it calculates your refinance savings for full transparency. It also offers a detailed justification for its analysis, taking into account how long you plan to stay in your home and explaining why that matters. It also mentions the “breakeven” period that is proposed when you input your numbers.

Compares Other Resources

Lastly, NerdWallet compares lenders based on the information you input. This allows for a quick and easy overview of your options, so that you don’t feel that you are settling for any one lender simply  because they are the only one that seems accessible to you. NerdWallet takes the stress and complicated work out of finding lenders, and calculating your mortgage. It is easy to use, easy to understand, and will take less than ten minutes of your time. So what are you waiting for? Try it out today and begin your journey toward a brighter financial future! If you are interested in learning more, click here.