I have a situation that this doesn't account for. With my mortgage, I pay into an escrow that covers my estimated property taxes & homeowners insurance. Some years, those estimates are wrong, so my monthly payments change.
It might make more sense, in my case at least, to input a "current balance" field, rather than interpreting it based on the originating date of the loan.
I just built this refinance calculator after reviewing what's currently available. On thing I felt is missing from current refi calculators is an automated calculation of your remaining loan balance based on your original terms and the month/year you took out the loan (assuming you've stuck to scheduled payments). It's also mobile friendly.
Really interested in hearing feedback and what can be improved. Thanks!
It might make more sense, in my case at least, to input a "current balance" field, rather than interpreting it based on the originating date of the loan.