The Mortgage and Retirement Professor Calculators


The professor’s 54 tested calculators cover refinancing, payments, points, term, early payoff, amortization, cost comparisons, APR, mortgage insurance, retirement, and more.

Retirement Calculators (Retirement Funds Integrator, 19a, 19b.)

The major question faced by retirees is how much spendable funds they will have, and how much will remain in their estate, during the remainder of their life. The Retirement Funds Integrator (RFI) provides a preliminary answer at Retirement Funds Integrator. The other retirement calculators allow retirees to select the most advantageous features of RFI.

Mortgage Refinance Calculators (3a, 3b, 3c, 3d, 3e, 3f, 1b and 1c)

Borrowers contemplating a refinance want to know whether the financial gain from a lower interest rate more than offsets the refinance costs; whether it is cheaper to raise cash through a refinance than through a second mortgage;  whether the cost of refinancing an ARM into an FRM is justified by the reduction in risk; and whether paying down the loan balance  in order to lower the refinance cost is a good investment; and whether it pays to consolidate short-term debt into a refinance.

Mortgage Payoff Calculators (2a, 2b, 2bi, 2c, 2d, and 2e)

Borrowers use mortgage payoff calculators to learn how different extra payment plans will affect the payoff date, the total amount of interest they will have to pay, when their equity in the property reaches some specified level, and more.

Mortgage Payment Calculators (7a, 7b, 7c, 7ci, 7d, and 7e)

Borrowers use mortgage payment calculators to find the payments on FRMs and ARMs of different types and/or carrying special options, such as payment options or temporary buydowns.

Mortgage Amortization Calculators (8a, 8b, 2a and 2b)

Borrowers use amortization calculators to monitor their progress in paying down the loan balance and increasing their equity, to see how the process would be affected by extra monthly payments or biweekly payments, and to check their tax savings.

Buying and Selling a House (5a, 6a and 6b)

Home buyers may use a calculator to determine how much they can afford to spend and whether they should buy now or wait, while home sellers can fashion lease-to-own offers.

Mortgage Comparison Calculators (9ai, 9bi and 9ci)

Borrowers choosing between different mortgages, including fixed-rate and ARMs, can use these calculators to compare future values or net cost.

Mortgage Interest Calculators (9a, 9b and 9c)

Borrowers choosing between different mortgages, including fixed-rate and ARMs, can use these calculators to compare their interest cost.

Mortgage Consolidation Calculators (1a, 1b and 1c)

Borrowers with substantial amounts of short-term debt may use consolidation calculators to determine whether and how best to consolidate the debts in a mortgage.

Mortgage Insurance Calculators (4a, 14b and 14d)

Borrowers putting less than 20% down may use mortgage insurance calculators to decide whether to purchase mortgage insurance, the best premium plan, and how long they will have to pay it.

Mortgage Points Calculators (11a, 11b, 11c and 11d)

Borrowers with an opportunity to pay points  to reduce the interest rate can use these calculators to find the break-even period, or the rate of return on investment.

Mortgage Down Payment Calculators (12a, 12b and 14c)

Borrowers can use these calculators to find the rate of return on an increase in down payment, whether cash is better used for down payment than for points, and whether cash for settlement costs is better raised from the home seller or the lender.

Second Mortgage Calculators (13a and 13b)

Borrowers can use these calculators to determine whether a second mortgage “piggyback” is less costly than mortgage insurance or a jumbo first mortgage, or to compare two piggybacks.

Mortgage Term Calculators  (7a, 15a and 15b)

Borrowers can use these calculators to explore how the term together with the interest rate affect the mortgage payment, and to determine whether a shorter term is a good investment.

Mortgage APR Calculators (10a, 16, 17 and 18)

Borrowers can use an APR calculator to estimate lender fees whereas lenders use them to make sure their APR disclosures are correct.