Supplementary Materials for
Optimal Mortgage Refinancing: A Closed-Form Solution

Sumit Agarwal, John Driscoll, David Laibson
Please visit the NBER web page for the associated research paper:
www.nber.org/papers/

Instructions for using refinance calculator:

DISCLAIMER: This calculator describes the solution to a mathematical problem that is related to but not equivalent to a realistic mortgage refinancing decision. We make no warranty about the calculator's accuracy, performance, or value as a source of practical advice. Use entirely at your own risk. The calculator is not endorsed by the National Bureau of Economic Research, the Federal Reserve Bank of Chicago, the Federal Reserve Board, or Harvard University.

Appendix of Refinance Advice