I'm always on the look out for cool, simple calculators that can give a quick, gut check on data. My husband, Mr. Finance Calculation Guy, came across this tool to use in deciding whether or not to refinance one's home: Optimal Mortgage Refinancing . With a few rentals, along with our home, we seem to have an ongoing discussion around refinancing this or that. Don does all sorts of mind numbing calculations in which I express some modicum of interest. Most often our method is to make additional payments to principal, which, over the life of the loan, decreases the interest paid. And it seem easier to do this, than endure the now painstaking process of refinancing.
I'm not sure if this tool is enough for Don to actually cease the incessant calculating. I have a strong suspicion he enjoys all that number crunching. It will probably be somehow factored into the calculations and will serve as a focus for me while I nod at Don's presentation,
Your household might not be quite so exciting as ours. This little tool could be all you need. Pop a few numbers in, press the button and voila!
Enjoy.
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