The letter generator in MailMerge, has a function available from the [ALT]+[F] Paste Fields Menu called Refinance Calculator. When selected this function appears in your letter in the form:
{REFI(FIRST_TD, TFR_DATE, nR, [nT,] [oR,] [oT])}
i.e. {REFI( Principal, Start Date, New Rate, [New Term,] [ Old Rate,] [ Old Term] ) }
To use this function it must be placed on the top line of your letter utilizing the [ALT]+[F] paste fields menu. It returns nothing directly into your letter when printed. What this function does, however, is create and make available key words (variables) to print refinance calculations into your letter. If these key words are used and the REFI function does not appear on the top line of your letter then an error will occur.
List of available key words for Refinance Calculations:
{OLD_RATE} - The estimated old interest rate.
{OLD_PMT} - The estimated old mortgage payment.
{NEW_PMT} - The new mortgage payment.
{NEW_PRIN} - The new principal amount.
{SAVINGS} - The difference between the old and new payments.
NOTE: YOU MUST TYPE THE { } SURROUNDING KEY WORDS!
These key words are merely typed at the appropriate positions within the text of the letter where one would like the corresponding calculation results to be printed. The amounts returned and subsequently printed in the letter appear in the form 999,999.00.
By default the Principal and Start Date are automatically substituted with the database fields FIRST_TD (First Trust Deed) and TFR_DATE (Last Transfer Date). You may, however, use any other numeric type or date type fields from your database in their places, providing, of course, they make sense! You may alternately type in a specific value and/or date to be computed, (e.g. {REFI(150000, 01/01/98, nR, [nT], [oR,] [oT])}).
It is required that you enter a value for nR (New Rate) or the Refinance Calculator function will not work. Replace nR(New Rate) with the interest rate at which to refinance (e.g. 7.25 ).
[oR,] (Old Rate) [nT,] (New Term) and [oT,] (Old Term) are optional parameters, indicated by the "[ ]" symbols around them. These parameters may be replaced with values such as 9.250 for [oR,] (i.e. the percentage rate at the time the loan was originally taken) and 360 (months) for [nT] or [oT]. If [nT] or [oT] are not stated, the values for these terms are assumed to be 360. If no [oR] is entered the rate is assumed to be the estimated interest rate at the time of the Start Date entered. The default rate for [oR] is provided by a database included within the program containing national average interest rates from 1944 to present and is automatically accessed if no rate is stated. If you do not use the optional parameters, [nT,] [oR,] and [oT,] they must be deleted from within the letter or the function will fail.
Sample Letter
(This sample is available in the program under MailMerge, list of letters, REFIPAY5.LTR.)
{refi(FIRST_TD, TFR_DATE, 7.25)} This line prints nothing and allows the use of keywords Below. Note that the [nT], [oR] and [oT] have been deleted in order to use the program default values.
{Today}
{Salutation} {FIRST} {ONR_NAME}
{MAIL_ADD}
{MAIL_CITY} {MAIL_ZIP}
Dear {xmdl(FIRST)}:
You are probably paying ${OLD_PMT} per month on your current loan of ${FIRST_TD} from {LENDER}. You originally had a rate of {OLD_RATE}% back on {TFR_DATE}.
If you were to refinance your home now, you could take advantage a much lower rate, of 7.25% on the remaining balance of your loan of ${NEW_PRIN} and pay only ${NEW_PMT} per month, resulting in a savings of a whopping ${SAVINGS}.
Yours sincerely,
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