Most borrowers contemplating a refinance want to know whether the financial gain from a lower interest rate more than offsets the refinance costs. The suggested reading is When Does Refinancing Really Pay? The first three calculators  are directed to this question, and apply to FRMs only. These three calculators differ in the assumed initial financial condition of the borrower.

Note: Those planning to use calculators 3a and 3b who are in shopping mode are advised to use a newer version that derives the prices they must pay for different new mortgages. Calculators 3a and 3b require you to input those prices. You reach the new integrated calculator by clicking here.

Refinancing One FRM Into Another to Lower Net Cost. (3a)
Assumes the borrower has one mortgage that will be refinanced into another mortgage.

Refinancing Two FRMs Into One to Lower Net Cost. (3b)
Assumes that the borrower has both a first and a second mortgage which will be refinanced into one new mortgage.

Refinancing One FRM Into Two to Lower Net Cost. (3c)
Assumes the borrower has one mortgage carrying private mortgage insurance and will be refinancing into a combination first and second mortgage without mortgage insurance.

Some borrowers want to refinance in order to raise cash. The suggested reading is Debt Consolidation With a Cash-Out Refinance, Their question is whether the cost of obtaining cash by refinancing their first mortgage is lower than the cost of taking out a new second mortgage.

Cash-Out Refi of FRM Versus FRM Second Mortgage. (3d)
Assumes the borrower has an FRM first mortgage and would either refinance it or take a new second mortgage.

Borrowers with an adjustable rate mortgage concerned about rising interest rates want to know the size of the risk and the cost of eliminating it by refinancing into an FRM. The issues are explored in two articles: Is Now the Time to Refinance an ARM Into a FRM?  and High Anxiety About Refinancing Low-Rate ARMs.

Refinancing an ARM into an FRM to Lower Risk. (3e)                                           Assumes the borrower has an ARM first mortgage which might be refinanced into an FRM first mortgage. 

Borrowers who can’t take advantage of lower interest rates because their house value has depreciated want to know whether paying down the balance on their existing FRM in order to lower the cost of refinancing into another FRM would yield a satisfactory rate of return. The recommended article is Is Cash-in Refinancing For You?

Refinancing an FRM with Balance Pay-Down. (3f)
Assumes the borrower has an FRM first mortgage but not enough equity to make refinance worthwhile unless the loan balance is paid down.

Borrowers who are burdened with short-term debt may want to know whether it pays to consolidate such debt in a cash-out refinance. For background, read Pros and Cons of Debt Consolidation.

Debt Consolidation When Home Owner Has One Mortgage. (1b)                           Assumes the borrower has an FRM first mortgage plus other debt which can be consolidated with a cash-out refinance or a new second mortgage.

Debt Consolidation When Home Owner Has Two Mortgages. (1c)
Assumes the borrower has two mortgages plus other debt which can be consolidated with a cash-out refinance or a new second mortgage.