Bills.com Refinance Mortgage Calculator
Nov. 18, 2010 — Refinancing. Refi. Yep, we're gonna refinance. Good ol' refinance. So ... should we refinance?
That's one of the biggest questions any co-op board or condo association has to face. There's no set answer, since the reason can involve anything from simply lowering the amount of your co-op's monthly mortgage payments to borrowing money for capital improvements based on your condominium's growing equity. One constant in all these variables: the plain old math that tells what your new payment is going to be. And given such mathematical factors as amortization, monthly pay-down of principal and fluctuating interest rates, you're going to need more than the simple calculator on your phone.
Or maybe not — we never claimed we were math whizzes. But we can say that this handy online mortgage calculator, currently in Beta testing, is designed to do more than chuck out raw numbers. It also lets you do such cost comparisons between such financial instruments as a 30 -year fixed mortgage and a 5/1 ARM.
While it's targeted, at the moment, at individual homeowners, including co-op shareholders and condo unit-owners, math is math ... and this is a good tool for board members who just want to get some numbers to start playing around with. Why? Because among its other virtues, this online mortgage calculator is free! Sure, it's basically a way of getting users to come to the Bills.com website and get steered toward one of its financial products. But you don't have to buy anything just to use the mortgage calculator.
And if nothing else, getting some raw figures yourself will save you billable time with your co-op or condo's accountant!
Bills.com • 1875 South Grant Street, Suite 400, San Mateo, Calif. 94402 • (650) 393-6312 / -6203 /-6308 • toll-free (800) 442-2720 • sales@bills.com
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