Smart planning after loss, brighter financial future.
Eleanor was uncomfortable with her current fixed-rate mortgage at 5.75% on her $300,000 home, fearing rising rates and desiring more predictable cash flow from her investments and social security after her husband's passing. Her financial advisor needed a tool to demonstrate the potential benefits and risks of refinancing into an adjustable-rate mortgage.
Using the 10/1 ARM Calculator, the advisor demonstrated that refinancing to a 10/1 ARM at 4.5% could initially save her $275 per month. By factoring in potential rate increases using conservative projections, the advisor also illustrated the worst-case scenario and ensured Eleanor was comfortable with the inherent risk of an ARM, and demonstrated the PITI using the PITI calculator.
The 10/1 ARM calculator allowed for quick scenario planning, adjusting loan amounts, interest rates, and potential increases to visualize different outcomes. The PITI calculator allowed us to factor in taxes and insurance for a more accurate monthly payment comparison.
$27,000 in interest savings over the initial ten-year fixed period, improved cash flow for comfortable retirement.
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