How To Use
The modification calculator helps determine any benefit you may receive by adjusting the terms of your existing first mortgage. Most modifications will lower your mortgage payment to 31% of your gross monthly income. This is the percentage that will be used in this example.
The amount of your modification (if eligible) depends on a variety of factors. Your mortgage company or a housing counselor will be able to help you determine any benefits from modification. As such, any results returned by this calculator should only be used as one of many factors in evaluating your options. This calculator returns information based on inputs regarding your existing mortgage information. It is important that you provide accurate information in order to receive more realistic results. Your mortgage company may use different information to determine eligibility and your individual results may vary from the results shown by this calculator.
These results have been calculated based on your inputs regarding your existing mortgage information. Your mortgage company may consider additional factors in determining your eligibility and potential savings, which may result in a different payment amount.
Please save this information (as a PDF document) or email it to yourself, so that you may have it as a reference when you speak with your mortgage company or a housing counselor.
Every situation is different. Your mortgage company may use different information to determine eligibility and your individual results may vary from the results shown by this calculator. Contact your mortgage company to determine your exact results and determine if you qualify for this option.