Compare your current loan with modified terms. Calculate monthly payment savings and total interest differences when restructuring your loan.
Recalculates payments after changing rate, term, or principal through refinancing or modification.
Compute new periodic rate and term; recalc payment using amortization formula.
Lowering APR from 9% to 6% on remaining balance reduces payment and total interest.
Fees?
Account for closing costs and points.
Term extension?
Lowers payment but can increase total interest.
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You're 3 months behind ($7,094 in arrears). Contact your lender immediately to discuss modification options before foreclosure proceedings begin.
You could save $743/month and meet 6 of 6 qualification criteria. This modification appears very feasible!