More The government has released a new mortgage-to-income calculator that will help you refinance the $1.5 trillion in mortgages you already owe, and it is designed to help homeowners avoid a crushing debt burden.
The calculator, available today, is designed for consumers who don’t have enough equity to cover their payments on their mortgages.
In order to qualify, the calculator shows how much you need to earn to pay off the principal, interest, and fees of the home loan.
It also shows the average annual payment, along with a range of payment options.
If you make less than $65,000 per year, you don’t need to pay interest and fees, but you can refinance with the calculator if your monthly payments are higher.
The tool also provides a breakdown of how much equity you need in order to pay the interest, fees, and principal on the mortgage.
You can also choose whether to use a home loan consolidation program or a credit line to reduce the interest rate.
The new calculator is available at www.mortgagerescue.gov/housing and at www,mortgagerecovery.gov.
It is the latest effort by the government to help people refinance their mortgages, which are the backbone of most Americans’ economic well-being.
For example, the Obama administration announced last month that people who borrowed money from the Federal Housing Administration and had their mortgages taken out by a bank, would receive a $2,500 refund from their mortgage lender.
The calculator offers similar help to help you make payments on your mortgage.
For more, read Axios’ article on how to reframe your mortgage to pay it off in 5 minutes.