Online Calculator Answers 'Should I Refinance?' With a Yes or No

Mortgage calculators online are getting smarter
Mortgage calculators online are getting smarter

As the economy wavers and mortgage rates inch lower, an increasing number of homeowners are questioning whether or not they should refinance. Even those who locked in lower rates a year or two ago are debating a second go-round. But thanks to a new online refinance calculator, consumers don't have to look any further than the Internet for the answer.

Flooded by e-mail inquiries from consumers looking for refinancing advice, the website Bills.com recently launched a tool that figures out whether refinancing is a prudent option, based on a user's unique situation and homeownership goals.

"People just look at interest rates, they don't know what to look at," says Ethan Ewing, president of Bills.com. "Based on your situation, the calculator gives you a clear 'yes' or 'no' answer."