Can someone do the refinancing mortgages in excel for me and show me the formulas? The current 30-year, fixed-rate mortgage was originally issued for $300,000 at a rate of 6.000%. They have owned their home for 15 years and their current mortgage balance is $213,150.

You have identified the following mortgage options for the Bakers:

30-Year Fixed-Rate; 5.125%; $1,000 cash required at closing

15-Year Fixed-Rate; 4.500%; $5,000 cash required at closing

5/1 ARM; 4.375% (2% cap per year; 10% life); $4,500 cash required at closing