Home ownership is a major part of the American dream. One of the largest costs associated with homeownership is the purchase of a home, which makes refinancing a very attractive option for homeowners. Homeowners who are looking to refinance their mortgage can get a better understanding of the financial implications by utilizing a refinancing calculator. One of the best refinancing calculators available today is the Zillow Refinance Calculator.

The Zillow Refinance Calculator is a comprehensive tool that allows homeowners to quickly and easily estimate their potential savings from a refinanced mortgage. This calculator not only lets homeowners know what their monthly payments would look like with a refinance but also the potential savings in terms of interest payments as well as the likelihood of the completion of a successful refinance.

For instance, when inputting the current loan amount, the calculator will determine the total interest that will be paid over the life of the loan. It also provides an estimate of the closing costs and the total amount due at the time of closing. Additionally, the calculator can factor in estimated property taxes to help the homeowner accurately know how much they will save each month.

The Zillow Refinance Calculator also provides homeowners with a wealth of information on the best type of refinancing that will meet their individual needs. For example, it can help homeowners decide between a 15-year or a 30-year fixed rate mortgage. It can also compare an adjustable rate mortgage to a fixed rate mortgage, showing the total interest costs of each option.

Finally, the Zillow Refinance Calculator provides a free assessment of the homeowner’s credit score and report. This can be a valuable tool for homeowners who are trying to improve their credit and get the best mortgage rate when refinancing.

All in all, the Zillow Refinance Calculator has a wealth of benefits for homeowners. Not only does it help homeowners understand the financial implications of a refinance, but it also provides an assessment of the homeowner's credit score as well as information on different types of mortgage refinancing options. With all of these factors, the Zillow Refinance Calculator is a great tool for any homeowner looking to refinance their existing mortgage.