Your current mortgage statement
Check your payment and remaining balance. Ask your servicer how much time is left on the loan and whether any prepayment charge applies.
AAC / FREE HOMEOWNER WORKSHEET
Before you refinance,
compare the whole picture.
A new monthly payment is only one part of the decision. Put your current loan and any written Loan Estimates side by side, then bring the open questions to a mortgage professional licensed in your state.
No account, upload, or financial details sent to AAC.01 / START HERE
Gather the right pages.
Written Loan Estimates
For each offer, review the same kind of loan and the same estimated borrowing amount where possible. Rates and costs can change before closing.
Your own time frame
Write down how long you expect to keep the home or new loan. A shorter stay can change whether upfront costs make sense.
02 / SIDE BY SIDE
Compare on the same basis.
Print this page and fill the blank spaces from your own documents. This page does not calculate, save, or send your figures.
| What to compare | Current loan | Offer A | Offer B |
|---|---|---|---|
| Monthly principal + interestUse the same payment component in each column. | |||
| Total monthly paymentInclude any taxes, insurance, and mortgage insurance shown. | |||
| Time left / new loan termA new term may restart the repayment clock. | |||
| Rate type and adjustment dateFixed or adjustable? If adjustable, when could it change? | |||
| Upfront closing costsCheck lender charges, points, credits, and other costs. | No new loan costs | ||
| Cash needed at closingAsk whether costs are paid now or added to the loan. | No new closing | ||
| In five years: paid / principal paidFor new offers, see the Comparisons section of each Loan Estimate. | Ask for a matching view | ||
| Total interest over the relevant periodAsk for a comparison over the same time horizon. |
Keep the time frame consistent. A Loan Estimate’s “In 5 years” figures and Total Interest Percentage describe the offered loan; they do not directly tell you how much you would save against your current loan. Ask a licensed mortgage professional to compare remaining balances, payments, and interest over the same period.
03 / PRESSURE TEST
What is this change meant to solve?
Lower payment, shorter payoff, more predictable payments, or something else? Circle your main goal on the printed copy, then ask what tradeoffs come with it.
Lower monthly paymentShorter payoffPayment stabilityOther: __________________
04 / BRING THESE QUESTIONS
Ask before you decide.
- 01If the payment falls, is that from a lower rate, a longer term, or both?
- 02Which costs are paid at closing, financed into the balance, or offset by lender credits?
- 03How long would I need to keep this loan for the costs to make sense?
- 04What would I owe and have paid if I sell or refinance again in my expected time frame?
- 05If a rate is adjustable, when and how could the payment change?
- 06How do the estimated total interest and loan balance compare over the same period?
WHEN YOU WANT A HUMAN FOLLOW-UP
Still have a question?
Tell AAC what you want to understand. The inquiry form asks for your general goal and timing, not loan statements, balances, credit scores, or account details. A licensed mortgage professional must evaluate any loan option for your situation.
Request AAC follow-upAAC provides educational planning resources. This worksheet is not a loan application, loan offer, prediction of savings, or recommendation that refinancing fits your circumstances. Program availability and eligibility vary.