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    Mortgage Refinance Calculator

    This calculator is designed to illustrate the after-tax savings of refinancing your existing mortgage in today's dollars. It factors in the discrepency of the number of payments left on your current mortgage versus the new mortgage. It also calculates the break even number of months it will take to recoup your closing costs relative to your new monthly payment. Finally, it allows you to factor in additional savings (or costs) if you would like to either take additonal cash out or pay additional cash in at closing.
    Input Variables:
    Principal Balance on Existing Mortgage
    Interest Rate on Existing Mortgage
    Remaining Term of Existing Mortgage (# of months remaining)
    Proposed Refinance Principal Balance (Do not include Pre-Payments or Closing Costs)
    Proposed Refinance Interest Rate
    New Term of Proposed Refinance (# of years)
    Estimated Closing Costs (Do not include Pre-Payments)
    Current Marginal Tax Rate (Federal and State)
    Discount Rate (Inflation Rate)
    A. Calculation of Net Present Value of Principal & Interest (After-Tax) on  
      your Existing Mortgage  
    Net Present Value of After-Tax Cash Flows
    B. Calculation of Net Present Value of Principal, Interest, & Closing Costs  
      (After-Tax) on your Proposed Mortgage Refinance  
    Net Present Value of After-Tax Cash Flows
    C. Net Benefit of Refinancing (In Today's Dollars)  
    Additional Cash Received (or Due) at Refinancing
      Net Present Value of After-Tax Cash Flow Savings (or Costs)
    D. Calculation In Number of Months To Recoup Your Closing Costs Via  
      Interest Cost Savings  
    Break Even (Months)