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 The National Bureau of Economic Research has an example of a refinancing calculator
Instructions for using refinance calculator:
- This worksheet calculates how far interest rates need to fall before you should refinance an old fixed-rate mortgage with a new fixed-rate mortgage.
- Begin by filling in the boxes under the heading "Basic Parameters." Default values already appear in these boxes. You should enter the numbers that apply to your own mortgage.
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 Many online mortgage calculators are designed to calculate the effect of refinancing your mortgage. These calculators usually require information about your current mortgage (such as the remaining principal, interest rate, and years remaining on your mortgage), the new loan that you are considering (such as principal, interest rate, and term), and the upfront or closing costs that you will pay for the loan. Some may ask for your tax rate and the rate of interest you can get on investments (assuming you will invest your savings).
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When it is Financially Beneficial to Refinance a Mortgage |
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By: Amy Nutt
In recent months, there has been a significant drop in mortgage interest rates. This is due in part to the high amount of foreclosures and the housing financial market crisis. Most banks and lenders want to keep mortgage holders in their homes. If you have a mortgage and are looking for a better rate, you may want to consider refinancing.
The decision to refinance a mortgage normally comes down to asking the question: Will I benefit financially from a mortgage refinance?
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