Cash in Refinance Calculator

Cash-In Refinance Calculator: Understand Your Savings body { font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif; background-color: #f8f9fa; color: #333; line-height: 1.6; margin: 0; padding: 0; } .container { max-width: 1000px; margin: 20px auto; padding: 20px; background-color: #fff; border-radius: 8px; box-shadow: 0 2px 10px rgba(0, 0, 0, 0.1); } header { background-color: #004a99; color: #fff; padding: 20px; border-radius: 8px 8px 0 0; text-align: center; margin-bottom: 20px; } header h1 { margin: 0; font-size: 2.2em; } .calculator-section { margin-bottom: 40px; padding: 25px; background-color: #eef3f7; border-radius: 8px; box-shadow: inset 0 1px 3px rgba(0,0,0,0.05); } .calculator-section h2 { text-align: center; color: #004a99; margin-bottom: 25px; font-size: 1.8em; } .loan-calc-container { display: flex; flex-direction: column; gap: 15px; } .input-group { display: flex; flex-direction: column; gap: 8px; } .input-group label { font-weight: bold; color: #004a99; } .input-group input[type="number"], .input-group input[type="text"], .input-group select { padding: 10px 12px; border: 1px solid #ccc; border-radius: 5px; font-size: 1em; width: 100%; box-sizing: border-box; } .input-group input[type="number"]:focus, .input-group input[type="text"]:focus, .input-group select:focus { border-color: #004a99; outline: none; box-shadow: 0 0 0 2px rgba(0, 74, 153, 0.2); } .helper-text { font-size: 0.85em; color: #666; } .error-message { color: #dc3545; font-size: 0.85em; margin-top: 5px; display: none; /* Hidden by default */ } .button-group { display: flex; justify-content: center; gap: 15px; margin-top: 25px; } button { padding: 12px 25px; border: none; border-radius: 5px; font-size: 1em; cursor: pointer; transition: background-color 0.3s ease, transform 0.2s ease; font-weight: bold; } button.calculate-btn { background-color: #004a99; color: white; } button.calculate-btn:hover { background-color: #003a7a; transform: translateY(-2px); } button.reset-btn { background-color: #ffc107; color: #333; } button.reset-btn:hover { background-color: #e0a800; transform: translateY(-2px); } button.copy-btn { background-color: #28a745; color: white; } button.copy-btn:hover { background-color: #218838; transform: translateY(-2px); } .results-container { margin-top: 30px; padding: 25px; background-color: #f1f7fc; border-radius: 8px; border: 1px solid #d0e0f0; } .results-container h3 { text-align: center; color: #004a99; margin-bottom: 20px; font-size: 1.6em; } .primary-result { background-color: #28a745; color: white; padding: 15px 20px; border-radius: 6px; text-align: center; margin-bottom: 15px; font-size: 1.8em; font-weight: bold; box-shadow: 0 4px 8px rgba(40, 167, 69, 0.3); } .intermediate-results, .formula-explanation { margin-top: 20px; padding: 15px; background-color: #fff; border-radius: 6px; border: 1px solid #e0e0e0; } .intermediate-results p, .formula-explanation p { margin-bottom: 10px; font-size: 0.95em; } .intermediate-results strong, .formula-explanation strong { color: #004a99; } table { width: 100%; border-collapse: collapse; margin-top: 20px; } th, td { padding: 10px; text-align: left; border-bottom: 1px solid #ddd; } th { background-color: #004a99; color: white; font-weight: bold; } td { background-color: #f9f9f9; } caption { font-size: 0.9em; color: #666; margin-bottom: 10px; caption-side: top; text-align: left; } .chart-container { margin-top: 30px; padding: 25px; background-color: #f1f7fc; border-radius: 8px; border: 1px solid #d0e0f0; text-align: center; } .chart-container h3 { color: #004a99; margin-bottom: 15px; font-size: 1.6em; } canvas { max-width: 100%; height: auto; background-color: #fff; border-radius: 6px; border: 1px solid #e0e0e0; } .article-content { margin-top: 40px; padding: 30px; background-color: #fff; border-radius: 8px; box-shadow: 0 2px 10px rgba(0, 0, 0, 0.1); } .article-content h2, .article-content h3 { color: #004a99; margin-top: 30px; margin-bottom: 15px; } .article-content h2 { font-size: 2em; border-bottom: 2px solid #004a99; padding-bottom: 8px; } .article-content h3 { font-size: 1.6em; border-bottom: 1px solid #ccc; padding-bottom: 5px; } .article-content p, .article-content ul, .article-content ol { margin-bottom: 15px; } .article-content li { margin-bottom: 8px; } .article-content a { color: #004a99; text-decoration: none; font-weight: bold; } .article-content a:hover { text-decoration: underline; } .faq-item { margin-bottom: 15px; } .faq-item strong { color: #004a99; display: block; margin-bottom: 5px; } .related-tools ul { list-style: none; padding: 0; } .related-tools li { margin-bottom: 10px; } .primary-result-label { font-size: 1em; font-weight: normal; display: block; margin-bottom: 8px; color: rgba(255,255,255,0.8); }

Cash-In Refinance Calculator

Understand the financial impact of paying down your mortgage principal during a refinance.

Cash-In Refinance Calculator

$
$
%
%
Months
$

Your Refinance Results

Total Interest Saved

Original Loan Total Payments:

New Loan Total Payments:

Total Principal Paid Off (Cash-In):

Net Cost of Refinance:

How It Works

The calculator first determines the monthly payment for both the original and new loans using the standard mortgage payment formula (M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]). It then calculates the total payments for the remaining term of each loan. The difference in total payments, minus refinance fees, represents your total interest savings.

Loan Amortization Comparison (First 12 Months)

Compares principal and interest paid monthly on original vs. new loan for the first year.

Total Interest Paid Over Time

Shows cumulative interest paid for both loans over their full term.

Estimated Amortization Schedule (First 5 Payments)

First 5 monthly payments comparing original loan vs. refinanced loan.
Month Original Payment Original Principal Original Interest New Payment New Principal New Interest

What is a Cash-In Refinance Calculator?

A cash-in refinance calculator is a specialized financial tool designed to help homeowners understand the financial implications of a specific type of mortgage refinancing: one where you intentionally pay down a portion of your principal balance at the time of closing. Unlike a typical cash-out refinance where you borrow more money, a cash-in refinance involves reducing the amount you owe. This calculator helps you quantify the potential savings in interest, the reduction in your monthly payments, and the overall impact on your loan's amortization schedule. It's crucial for borrowers looking to accelerate their mortgage payoff or secure better terms by strategically reducing their loan amount.

Who should use it? Homeowners considering refinancing who have available funds to pay down their mortgage principal at closing. This could be individuals who have saved money, received an inheritance, or sold another property. It's also beneficial for those who want to lower their monthly payments significantly or shorten their loan term without extending it. Borrowers aiming to get out of mortgage insurance (PMI) sooner by lowering their loan-to-value (LTV) ratio might also find this tool insightful.

Common misconceptions: A frequent misunderstanding is that a cash-in refinance is the same as a "no-cost" refinance. While some lenders may absorb certain fees, paying down principal directly reduces the loan amount, which is the core financial transaction. Another misconception is that it always leads to a lower monthly payment; while often true, the exact impact depends on the new interest rate and remaining term. Some also believe it's only for people with substantial savings, but even a modest principal reduction can yield significant interest savings over time.

Cash-In Refinance Calculator Formula and Mathematical Explanation

The core of the cash-in refinance calculator relies on the standard mortgage payment formula and extrapolates total interest paid. Here's a breakdown:

1. Monthly Payment Calculation:
The standard formula for calculating a fixed-rate mortgage monthly payment (M) is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

  • P = Principal loan amount
  • i = Monthly interest rate (Annual rate / 12)
  • n = Total number of payments (Loan term in years * 12)

This formula is applied twice: once for the original loan (before refinance) and once for the new loan (after cash-in).

2. Total Payments Calculation:
Total Payments = Monthly Payment (M) * Number of Payments (n)

This is calculated for both the original loan's remaining term and the new loan's term.

3. Total Interest Paid:
Total Interest = Total Payments – Principal Loan Amount

4. Cash-In Amount:
Cash-In Amount = Original Loan Balance – New Loan Amount

5. Total Interest Saved:
Total Interest Saved = Total Interest Paid (Original Loan) – Total Interest Paid (New Loan)

6. Net Cost of Refinance:
Net Cost of Refinance = Refinance Fees – Total Interest Saved

A positive Net Cost indicates that the fees outweighed the immediate interest savings, while a negative value suggests savings surpassed the fees.

Variables Table:

Variables used in the Cash-In Refinance Calculator
Variable Meaning Unit Typical Range
P (Principal) The amount borrowed. For original loan, it's the current balance. For new loan, it's the balance after cash-in. Currency ($) $10,000 – $1,000,000+
i (Monthly Interest Rate) The cost of borrowing money, expressed per month. Decimal (e.g., 0.045 / 12) 0.001 – 0.01 (approx. 1% – 12% annual)
n (Number of Payments) The total number of monthly payments over the loan's lifetime. Months 60 – 360
M (Monthly Payment) The fixed amount paid each month towards principal and interest. Currency ($) Varies widely based on P, i, n
Refinance Fees Costs associated with the refinancing process (appraisal, origination, title, etc.). Currency ($) $1,000 – $10,000+
Cash-In Amount The amount of principal paid down at closing. Currency ($) $1,000 – $100,000+

Practical Examples (Real-World Use Cases)

Example 1: Aggressive Paydown for Long-Term Savings

Scenario: Sarah has a remaining balance of $250,000 on her mortgage with a 5% interest rate and 25 years (300 months) left. She has $30,000 saved and wants to see how much interest she can save by using it to pay down the principal immediately upon refinancing into a new loan at 4% for the same remaining term.

Inputs:

  • Current Loan Balance: $250,000
  • New Loan Amount (after cash-in): $220,000 ($250,000 – $30,000)
  • Current Annual Interest Rate: 5.0%
  • New Annual Interest Rate: 4.0%
  • Remaining Loan Term (Months): 300
  • Refinance Fees: $6,000

Calculated Results:

  • Cash-In Amount: $30,000
  • Original Monthly Payment (approx): $1,448
  • New Monthly Payment (approx): $1,174
  • Original Total Payments (approx): $434,400
  • New Total Payments (approx): $352,200
  • Total Interest Saved: $82,200
  • Net Cost of Refinance: -$76,200 ($82,200 – $6,000)

Interpretation: By strategically paying down $30,000 in principal, Sarah significantly reduces her monthly payment by $274 and saves over $82,000 in interest over the life of the loan, even after accounting for $6,000 in closing costs. This cash-in refinance is highly beneficial.

Example 2: Modest Paydown to Lower Monthly Burden

Scenario: John owes $180,000 on his mortgage at 6% interest with 18 years (216 months) remaining. He qualifies for a refinance at 4.5% but only wants to put down $10,000 of his available savings. His refinance fees are estimated at $4,000.

Inputs:

  • Current Loan Balance: $180,000
  • New Loan Amount (after cash-in): $170,000 ($180,000 – $10,000)
  • Current Annual Interest Rate: 6.0%
  • New Annual Interest Rate: 4.5%
  • Remaining Loan Term (Months): 216
  • Refinance Fees: $4,000

Calculated Results:

  • Cash-In Amount: $10,000
  • Original Monthly Payment (approx): $1,330
  • New Monthly Payment (approx): $1,170
  • Original Total Payments (approx): $287,280
  • New Total Payments (approx): $252,720
  • Total Interest Saved: $34,560
  • Net Cost of Refinance: -$30,560 ($34,560 – $4,000)

Interpretation: John lowers his monthly payment by $160 and saves approximately $34,560 in interest. The savings far exceed his refinance fees, making this a financially sound decision for improving his monthly cash flow and reducing his long-term interest burden. Notice how the interest savings are proportionally less than Example 1 because the principal reduction was smaller relative to the loan balance.

How to Use This Cash-In Refinance Calculator

  1. Enter Current Loan Details: Input your existing mortgage's current outstanding balance, its annual interest rate, and the remaining number of months on the loan term.
  2. Specify Refinance Details: Enter the amount you plan to borrow in the new loan after applying your cash-in payment. Input the proposed new annual interest rate and any estimated refinance fees (closing costs, etc.).
  3. Input Cash-In Amount: This is the amount of your own funds you'll use to pay down the principal at closing. It's calculated as Current Loan Balance – New Loan Amount. Ensure this value is positive.
  4. Click 'Calculate': The calculator will process your inputs.

How to read results:

  • Primary Result (Total Interest Saved): This is the key figure highlighting the long-term financial benefit of the cash-in refinance. A higher positive number is better.
  • Original Loan Total Payments: The sum of all payments (principal + interest) you would have made on your original loan over its remaining term.
  • New Loan Total Payments: The sum of all payments (principal + interest) you will make on the new, refinanced loan.
  • Total Principal Paid Off (Cash-In): The amount of your own funds you are applying directly to reduce the loan principal.
  • Net Cost of Refinance: Compares your total interest savings against your refinance fees. A negative number indicates savings exceeded costs.
  • Intermediate Values: Provide context on monthly payments and total interest before and after refinancing.
  • Charts & Table: Visualize the amortization differences and cumulative interest paid, offering a clearer picture of the loan's trajectory.

Decision-making guidance: Compare the 'Total Interest Saved' against the 'Refinance Fees'. If savings significantly outweigh fees, it's likely a good move. Also, consider the impact on your monthly payment. If the new payment is more affordable, it can improve your budget. Evaluate if the 'Net Cost of Refinance' is negative, meaning the interest savings effectively 'paid for' your closing costs and then some.

Key Factors That Affect Cash-In Refinance Results

  1. Interest Rate Differential: The larger the gap between your current rate and the new, lower rate, the greater your potential interest savings. This is the most significant driver.
  2. Cash-In Amount: A larger principal reduction directly lowers the base amount on which interest is calculated, leading to more substantial savings over time. The impact is magnified when combined with a lower interest rate.
  3. Remaining Loan Term: Refinancing with a longer term means more payments, potentially increasing total interest paid even with a lower rate. However, it also lowers monthly payments. A cash-in refinance can help offset this by reducing the principal faster. Shortening the term can dramatically reduce total interest but increases monthly payments.
  4. Refinance Fees: High closing costs can erode or even negate the interest savings, especially if the principal reduction and rate drop are modest. Calculating the breakeven point (when savings equal fees) is crucial.
  5. Loan-to-Value (LTV) Ratio: Reducing your loan balance lowers your LTV. This can help you eliminate Private Mortgage Insurance (PMI) sooner, leading to additional monthly savings not always captured directly by basic interest calculations.
  6. Future Interest Rate Expectations: If you anticipate rates falling further, refinancing now might be less appealing unless the current offer is exceptionally good. Conversely, locking in a low rate during a declining rate environment can be advantageous.
  7. Inflation and Opportunity Cost: Consider what else you could do with the cash used for the paydown. If investment returns are expected to be significantly higher than the mortgage interest rate saved, you might forego the cash-in for investment opportunities.
  8. Home Equity: A lower LTV resulting from a cash-in refinance strengthens your equity position, potentially improving borrowing power for future needs.

Frequently Asked Questions (FAQ)

Q1: How much principal should I pay down in a cash-in refinance?

A: There's no single answer. Consider your financial goals (lower payments vs. faster payoff), available savings, and refinance costs. A common strategy is to pay down enough to eliminate PMI or significantly reduce your LTV, alongside getting a better rate.

Q2: Does a cash-in refinance always lower my monthly payment?

A: Usually, yes, especially if the new interest rate is lower and the term remains similar or the paydown is substantial. However, if you choose a much shorter term to accelerate payoff, the monthly payment might increase.

Q3: What are the typical fees associated with a refinance?

A: Fees can include appraisal fees, loan origination fees, title insurance, recording fees, credit report fees, and sometimes points. These vary by lender and location.

Q4: Can I do a cash-in refinance if I have little equity?

A: It depends on the lender's guidelines and your LTV. A cash-in refinance inherently improves your LTV, making it more feasible, but lenders still have maximum LTV limits.

Q5: Is a cash-in refinance tax-deductible?

A: The interest paid on a mortgage is generally tax-deductible, up to certain limits. By reducing your principal and interest paid, you might reduce the amount of deductible interest. Consult a tax professional for personalized advice.

Q6: What's the difference between a cash-in refinance and a standard refinance?

A: A standard refinance replaces your current loan with a new one, often to get a better rate or term. A cash-in refinance specifically involves paying down principal at closing in addition to refinancing.

Q7: How does paying down principal affect my amortization schedule?

A: Paying down principal immediately reduces the balance on which future interest is calculated. This means more of your subsequent payments go towards principal, shortening the loan's effective payoff time and reducing total interest paid.

Q8: Should I use my savings for a cash-in refinance or invest the money?

A: This depends on your risk tolerance and expected returns. Compare the guaranteed interest rate savings from the refinance against the potential (but not guaranteed) returns from investing. Consider your overall financial goals and comfort level with debt.

Related Tools and Internal Resources

© 2023 Your Financial Brand. All rights reserved.
var chartInstance1 = null; var chartInstance2 = null; function formatCurrency(amount) { return "$" + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,'); } function formatPercent(rate) { return rate.toFixed(2) + "%"; } function calculateMonthlyPayment(principal, monthlyRate, termMonths) { if (monthlyRate === 0) return principal / termMonths; var pow = Math.pow(1 + monthlyRate, termMonths); return principal * (monthlyRate * pow) / (pow – 1); } function calculateLoanTotals(monthlyPayment, termMonths) { return monthlyPayment * termMonths; } function validateInput(id, errorId, minValue = null, maxValue = null) { var input = document.getElementById(id); var errorElement = document.getElementById(errorId); var value = parseFloat(input.value); var isValid = true; if (isNaN(value) || input.value.trim() === "") { errorElement.textContent = "This field is required."; isValid = false; } else if (value < 0) { errorElement.textContent = "Cannot be negative."; isValid = false; } else if (minValue !== null && value maxValue) { errorElement.textContent = "Must be no more than " + maxValue + "."; isValid = false; } else { errorElement.textContent = ""; } errorElement.style.display = isValid ? "none" : "block"; return isValid; } function calculateRefinance() { // Clear previous errors document.getElementById('currentLoanBalanceError').style.display = 'none'; document.getElementById('refinanceAmountError').style.display = 'none'; document.getElementById('currentInterestRateError').style.display = 'none'; document.getElementById('newInterestRateError').style.display = 'none'; document.getElementById('loanTermMonthsError').style.display = 'none'; document.getElementById('refinanceFeesError').style.display = 'none'; // Input validation var currentLoanBalanceValid = validateInput('currentLoanBalance', 'currentLoanBalanceError'); var refinanceAmountValid = validateInput('refinanceAmount', 'refinanceAmountError'); var currentInterestRateValid = validateInput('currentInterestRate', 'currentInterestRateError', 0); var newInterestRateValid = validateInput('newInterestRate', 'newInterestRateError', 0); var loanTermMonthsValid = validateInput('loanTermMonths', 'loanTermMonthsError', 1, 720); // Max 60 years var refinanceFeesValid = validateInput('refinanceFees', 'refinanceFeesError', 0); var currentLoanBalance = parseFloat(document.getElementById('currentLoanBalance').value); var refinanceAmount = parseFloat(document.getElementById('refinanceAmount').value); var currentInterestRate = parseFloat(document.getElementById('currentInterestRate').value); var newInterestRate = parseFloat(document.getElementById('newInterestRate').value); var loanTermMonths = parseInt(document.getElementById('loanTermMonths').value); var refinanceFees = parseFloat(document.getElementById('refinanceFees').value); // Additional validation: new loan amount must be less than or equal to current balance if (refinanceAmount > currentLoanBalance) { document.getElementById('refinanceAmountError').textContent = "New loan amount cannot exceed current balance."; document.getElementById('refinanceAmountError').style.display = 'block'; refinanceAmountValid = false; } // Additional validation: new loan amount must be sufficient to cover fees IF cash-in isn't enough var cashInAmount = currentLoanBalance – refinanceAmount; if (cashInAmount < refinanceFees && refinanceAmount < currentLoanBalance) { // This condition indicates user might need to add cash for fees beyond the principal paydown // For simplicity, we'll allow calculation but it's a point for user awareness. // A more complex calculator might flag this. } if (!currentLoanBalanceValid || !refinanceAmountValid || !currentInterestRateValid || !newInterestRateValid || !loanTermMonthsValid || !refinanceFeesValid) { return; } var currentMonthlyRate = currentInterestRate / 100 / 12; var newMonthlyRate = newInterestRate / 100 / 12; var originalMonthlyPayment = calculateMonthlyPayment(currentLoanBalance, currentMonthlyRate, loanTermMonths); var originalTotalPayments = calculateLoanTotals(originalMonthlyPayment, loanTermMonths); var originalTotalInterest = originalTotalPayments – currentLoanBalance; var newMonthlyPayment = calculateMonthlyPayment(refinanceAmount, newMonthlyRate, loanTermMonths); var newTotalPayments = calculateLoanTotals(newMonthlyPayment, loanTermMonths); var newTotalInterest = newTotalPayments – refinanceAmount; var totalInterestSaved = originalTotalInterest – newTotalInterest; var principalPaidOff = currentLoanBalance – refinanceAmount; var netRefinanceCost = refinanceFees – totalInterestSaved; document.getElementById('originalTotalPayments').textContent = formatCurrency(originalTotalPayments); document.getElementById('newTotalPayments').textContent = formatCurrency(newTotalPayments); document.getElementById('principalPaidOff').textContent = formatCurrency(principalPaidOff); document.getElementById('netRefinanceCost').textContent = formatCurrency(netRefinanceCost) + (netRefinanceCost 0 ? '#28a745' : '#ffc107'; updateCharts(currentLoanBalance, refinanceAmount, currentMonthlyRate, newMonthlyRate, loanTermMonths); updateAmortizationTable(currentLoanBalance, currentMonthlyRate, refinanceAmount, newMonthlyRate, loanTermMonths); } function resetCalculator() { document.getElementById('currentLoanBalance').value = 200000; document.getElementById('refinanceAmount').value = 180000; document.getElementById('currentInterestRate').value = 4.5; document.getElementById('newInterestRate').value = 3.8; document.getElementById('loanTermMonths').value = 300; document.getElementById('refinanceFees').value = 5000; // Clear results and errors document.getElementById('originalTotalPayments').textContent = '–'; document.getElementById('newTotalPayments').textContent = '–'; document.getElementById('principalPaidOff').textContent = '–'; document.getElementById('netRefinanceCost').textContent = '–'; document.getElementById('primaryResult').textContent = '–'; document.getElementById('currentLoanBalanceError').style.display = 'none'; document.getElementById('refinanceAmountError').style.display = 'none'; document.getElementById('currentInterestRateError').style.display = 'none'; document.getElementById('newInterestRateError').style.display = 'none'; document.getElementById('loanTermMonthsError').style.display = 'none'; document.getElementById('refinanceFeesError').style.display = 'none'; // Clear charts if (chartInstance1) { chartInstance1.destroy(); chartInstance1 = null; } if (chartInstance2) { chartInstance2.destroy(); chartInstance2 = null; } var ctx1 = document.getElementById('amortizationChart').getContext('2d'); ctx1.clearRect(0, 0, ctx1.canvas.width, ctx1.canvas.height); var ctx2 = document.getElementById('interestChart').getContext('2d'); ctx2.clearRect(0, 0, ctx2.canvas.width, ctx2.canvas.height); // Clear table var tableBody = document.querySelector("#amortizationTable tbody"); tableBody.innerHTML = ""; } function updateCharts(currentBalance, newBalance, currentRate, newRate, termMonths) { var monthsToShow = Math.min(termMonths, 12); // Show first 12 months or fewer if loan term is shorter var labels = []; var originalPrincipalPaid = []; var originalInterestPaid = []; var newPrincipalPaid = []; var newInterestPaid = []; var currentLoan = currentBalance; var tempNewLoan = newBalance; for (var i = 1; i <= monthsToShow; i++) { labels.push("Month " + i); var currentMonthlyPayment = calculateMonthlyPayment(currentLoan, currentRate, termMonths – (i-1)); var currentInterestPayment = currentLoan * currentRate; var currentPrincipalPayment = currentMonthlyPayment – currentInterestPayment; currentPrincipalPayment = Math.min(currentPrincipalPayment, currentLoan); // Don't pay more principal than remaining balance currentLoan -= currentPrincipalPayment; var newMonthlyPayment = calculateMonthlyPayment(tempNewLoan, newRate, termMonths – (i-1)); var newInterestPayment = tempNewLoan * newRate; var newPrincipalPayment = newMonthlyPayment – newInterestPayment; newPrincipalPayment = Math.min(newPrincipalPayment, tempNewLoan); // Don't pay more principal than remaining balance tempNewLoan -= newPrincipalPayment; originalPrincipalPaid.push(currentPrincipalPayment); originalInterestPaid.push(currentInterestPayment); newPrincipalPaid.push(newPrincipalPayment); newInterestPaid.push(newInterestPayment); } // Chart 1: Monthly Principal & Interest (First 12 Months) var ctx1 = document.getElementById('amortizationChart').getContext('2d'); if (chartInstance1) { chartInstance1.destroy(); } chartInstance1 = new Chart(ctx1, { type: 'bar', // Changed to bar for better comparison data: { labels: labels, datasets: [{ label: 'Original Principal', data: originalPrincipalPaid, backgroundColor: 'rgba(0, 74, 153, 0.6)', borderColor: 'rgba(0, 74, 153, 1)', borderWidth: 1, stack: 'Original' }, { label: 'Original Interest', data: originalInterestPaid, backgroundColor: 'rgba(255, 99, 132, 0.6)', borderColor: 'rgba(255, 99, 132, 1)', borderWidth: 1, stack: 'Original' }, { label: 'New Principal', data: newPrincipalPaid, backgroundColor: 'rgba(40, 167, 69, 0.6)', borderColor: 'rgba(40, 167, 69, 1)', borderWidth: 1, stack: 'New' }, { label: 'New Interest', data: newInterestPaid, backgroundColor: 'rgba(255, 193, 7, 0.6)', borderColor: 'rgba(255, 193, 7, 1)', borderWidth: 1, stack: 'New' }] }, options: { responsive: true, maintainAspectRatio: false, scales: { y: { beginAtZero: true, title: { display: true, text: 'Amount ($)' } }, x: { title: { display: true, text: 'Month' } } }, plugins: { tooltip: { mode: 'index', intersect: false }, legend: { position: 'top', } } } }); // Chart 2: Cumulative Interest Paid Over Time var cumulativeOriginalInterest = []; var cumulativeNewInterest = []; var currentCumulativeInterestOrig = 0; var currentCumulativeInterestNew = 0; var currentLoanForCumul = currentBalance; var tempNewLoanForCumul = newBalance; for (var i = 1; i <= termMonths; i++) { var currentMonthlyPayment = calculateMonthlyPayment(currentLoanForCumul, currentRate, termMonths – (i-1)); var currentInterestPayment = currentLoanForCumul * currentRate; var currentPrincipalPayment = currentMonthlyPayment – currentInterestPayment; currentPrincipalPayment = Math.min(currentPrincipalPayment, currentLoanForCumul); currentLoanForCumul -= currentPrincipalPayment; currentCumulativeInterestOrig += currentInterestPayment; cumulativeOriginalInterest.push(currentCumulativeInterestOrig); var newMonthlyPayment = calculateMonthlyPayment(tempNewLoanForCumul, newRate, termMonths – (i-1)); var newInterestPayment = tempNewLoanForCumul * newRate; var newPrincipalPayment = newMonthlyPayment – newInterestPayment; newPrincipalPayment = Math.min(newPrincipalPayment, tempNewLoanForCumul); tempNewLoanForCumul -= newPrincipalPayment; currentCumulativeInterestNew += newInterestPayment; cumulativeNewInterest.push(currentCumulativeInterestNew); if (i i + 1), // Labels for all months datasets: [{ label: 'Cumulative Interest (Original Loan)', data: cumulativeOriginalInterest, borderColor: 'rgba(0, 74, 153, 1)', backgroundColor: 'rgba(0, 74, 153, 0.2)', fill: false, tension: 0.1 }, { label: 'Cumulative Interest (New Loan)', data: cumulativeNewInterest, borderColor: 'rgba(40, 167, 69, 1)', backgroundColor: 'rgba(40, 167, 69, 0.2)', fill: false, tension: 0.1 }] }, options: { responsive: true, maintainAspectRatio: false, scales: { y: { beginAtZero: true, title: { display: true, text: 'Cumulative Interest ($)' } }, x: { title: { display: true, text: 'Month' } } }, plugins: { tooltip: { mode: 'index', intersect: false }, legend: { position: 'top', } } } }); } function updateAmortizationTable(currentBalance, currentRate, newBalance, newRate, termMonths) { var tableBody = document.querySelector("#amortizationTable tbody"); tableBody.innerHTML = ""; // Clear previous rows var currentLoan = currentBalance; var tempNewLoan = newBalance; var monthsToDisplay = 5; for (var i = 1; i <= monthsToDisplay && i <= termMonths; i++) { var row = tableBody.insertRow(); var originalMonthlyPayment = calculateMonthlyPayment(currentLoan, currentRate, termMonths – (i-1)); var originalInterestPayment = currentLoan * currentRate; var originalPrincipalPayment = originalMonthlyPayment – originalInterestPayment; originalPrincipalPayment = Math.min(originalPrincipalPayment, currentLoan); // Ensure principal doesn't exceed remaining balance currentLoan -= originalPrincipalPayment; var newMonthlyPayment = calculateMonthlyPayment(tempNewLoan, newRate, termMonths – (i-1)); var newInterestPayment = tempNewLoan * newRate; var newPrincipalPayment = newMonthlyPayment – newInterestPayment; newPrincipalPayment = Math.min(newPrincipalPayment, tempNewLoan); // Ensure principal doesn't exceed remaining balance tempNewLoan -= newPrincipalPayment; row.insertCell().textContent = i; row.insertCell().textContent = formatCurrency(originalMonthlyPayment); row.insertCell().textContent = formatCurrency(originalPrincipalPayment); row.insertCell().textContent = formatCurrency(originalInterestPayment); row.insertCell().textContent = formatCurrency(newMonthlyPayment); row.insertCell().textContent = formatCurrency(newPrincipalPayment); row.insertCell().textContent = formatCurrency(newInterestPayment); } } function copyResults() { var currentLoanBalance = parseFloat(document.getElementById('currentLoanBalance').value); var refinanceAmount = parseFloat(document.getElementById('refinanceAmount').value); var currentInterestRate = parseFloat(document.getElementById('currentInterestRate').value); var newInterestRate = parseFloat(document.getElementById('newInterestRate').value); var loanTermMonths = parseInt(document.getElementById('loanTermMonths').value); var refinanceFees = parseFloat(document.getElementById('refinanceFees').value); var currentMonthlyRate = currentInterestRate / 100 / 12; var newMonthlyRate = newInterestRate / 100 / 12; var originalMonthlyPayment = calculateMonthlyPayment(currentLoanBalance, currentMonthlyRate, loanTermMonths); var originalTotalPayments = calculateLoanTotals(originalMonthlyPayment, loanTermMonths); var originalTotalInterest = originalTotalPayments – currentLoanBalance; var newMonthlyPayment = calculateMonthlyPayment(refinanceAmount, newMonthlyRate, loanTermMonths); var newTotalPayments = calculateLoanTotals(newMonthlyPayment, loanTermMonths); var newTotalInterest = newTotalPayments – refinanceAmount; var totalInterestSaved = originalTotalInterest – newTotalInterest; var principalPaidOff = currentLoanBalance – refinanceAmount; var netRefinanceCost = refinanceFees – totalInterestSaved; var resultsText = "— Cash-In Refinance Calculator Results —\n\n"; resultsText += "Key Assumptions:\n"; resultsText += "- Current Loan Balance: " + formatCurrency(currentLoanBalance) + "\n"; resultsText += "- New Loan Amount (after cash-in): " + formatCurrency(refinanceAmount) + "\n"; resultsText += "- Cash-In Principal Paid: " + formatCurrency(principalPaidOff) + "\n"; resultsText += "- Current Annual Interest Rate: " + formatPercent(currentInterestRate) + "\n"; resultsText += "- New Annual Interest Rate: " + formatPercent(newInterestRate) + "\n"; resultsText += "- Remaining Loan Term: " + loanTermMonths + " months\n"; resultsText += "- Refinance Fees: " + formatCurrency(refinanceFees) + "\n\n"; resultsText += "Calculated Results:\n"; resultsText += "Total Interest Saved: " + formatCurrency(totalInterestSaved) + "\n"; resultsText += "Original Loan Total Payments: " + formatCurrency(originalTotalPayments) + "\n"; resultsText += "New Loan Total Payments: " + formatCurrency(newTotalPayments) + "\n"; resultsText += "Net Cost of Refinance: " + formatCurrency(netRefinanceCost) + "\n"; // Use a temporary textarea to copy text var textArea = document.createElement("textarea"); textArea.value = resultsText; textArea.style.position = "fixed"; textArea.style.left = "-9999px"; document.body.appendChild(textArea); textArea.focus(); textArea.select(); try { var successful = document.execCommand('copy'); var msg = successful ? 'Results copied to clipboard!' : 'Copying failed!'; // console.log(msg); // Optional: provide user feedback } catch (err) { // console.log('Oops, unable to copy'); } document.body.removeChild(textArea); alert("Results copied to clipboard!"); } // Initial calculation on load document.addEventListener('DOMContentLoaded', function() { calculateRefinance(); });

Leave a Comment