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How Much Will I Save by Refinancing My Existing Mortgage?
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Input Variables:
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Principal Balance on Existing Mortgage
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Interest Rate on Existing Mortgage
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Remaining Term of Existing Mortgage (# of months
remaining)
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Proposed Refinance Principal Balance (Do not include
Pre-Payments or Closing Costs)
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Proposed Refinance Interest Rate
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New Term of Proposed Refinance (# of years)
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Estimated Closing Costs (Do not include Pre-Payments)
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Current Tax Rate
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Discount Rate (Inflation Rate)
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Results:
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A. Calculation of Net Present Value of Principal &
Interest (After-Tax) on your Existing Mortgage
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Net
Present Value of After Tax Cash Flows
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B. Calculation of Net Present Value of Principal,
Interest, & Closing Costs
(After-Tax) on
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your
Proposed Mortgage Refinance
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Net
Present Value of After Tax Cash Flows
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C. Net Benefit of Refinancing (In Today's Dollars)
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Additional
Cash Received (or Due) at Refinancing
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Net
Present Value of After Tax Cash Flow Savings (or Costs)
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D. Calculation In Number of Months To Recoup Your Closing
Costs Via Interest Cost Savings
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Break Even (Months)
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