Deciding whether to sell your property or refinance can have significant financial implications. Running the numbers helps you understand your potential net proceeds from a sale versus the impact of refinancing. While selling may involve more fees, refinancing can change your monthly payments, and if you plan to turn your home into a rental, it may trigger a negative cash flow situation. This means your monthly rental income may not cover your new mortgage payments.
However, some properties may remain cashflow positive even after refinancing. Use this calculator to clearly understand your options and make a well-informed decision.
Proceeds upon refinance: $0.00
Monthly mortgage payment: $0.00
Net Proceeds: $0.00
*Mortgage Penalties are typically 3 months interest on Variable Mortgages, and IRD (Interest Rate Differential) or 3 months interest, whichever is higher, on Fixed Interest.