We have introduced a beta feature in REsearch that works with loan information from TMK public records to provide rough estimates of the current state of a given mortgage.
Conventional Loans will include a calculator icon. Simply click this icon to show the estimated mortgage.
A window will appear that performs quick calculations to estimate the current stage of the mortgage.
The Mortgage Estimate tool takes the amount of the loan, the origination date, an amortized payment schedule, and the average mortgage interest rate for the month in which the mortgage was originated (according to the Freddie Mac Primary Mortgage Market Survey, or PMMS) to estimate the current balance of the loan and how many payments remain. The tool provides estimates for 15-Year Fixed and 30-Year Fixed mortgage loans, which are the most common types of mortgage loans.
The Mortgage Estimate tool only provides an estimate, and there are many factors that could affect the true state of a given mortgage loan. Additional factors could include special loan rates, special loan terms, down payment amounts (which may affect rates), lender points, and extra payments.
The Mortgage Estimate tool is in beta, and we welcome feedback on how to improve it. We are currently looking at ways to better estimate the actual mortgage loan term based on the recorded origination date and recorded expiration or maturity date.