Software Requirements Specification (SRS) for Mortgage Refinance Calculator

Introduction

Purpose:

The purpose of this document is to define the requirements for the development of a Mortgage Refinance Calculator. This web-based application aims to help users assess potential savings and benefits of refinancing their mortgage.

Scope:

The Mortgage Refinance Calculator will provide users with an interface to input details such as current mortgage details, proposed refinancing terms, and other relevant parameters. The application will calculate and display the potential savings and benefits of refinancing.

System Overview

System Description:

The system will be a client-server application. Users will access the Mortgage Refinance Calculator through a web browser. The server will handle the logic for mortgage refinancing calculations.

System Architecture:

The application will follow a three-tier architecture: presentation layer (client-side browser), application layer (server-side processing), and data layer (storage and retrieval of data).

Functional Requirements

Use Cases:

Assess Refinancing Benefits:

• Users can input details such as current mortgage amount, interest rate, remaining tenure, proposed refinancing terms, closing costs, and other relevant parameters.
• The system will calculate and display the potential savings, reduced monthly payments, and overall benefits of refinancing.

Functional Requirements:

Input:

• The system shall allow users to enter the following details:
  • Current Mortgage Amount (Decimal)
  • Current Interest Rate (Decimal)
  • Remaining Tenure (Integer or Date)
  • Proposed Refinancing Terms (New Interest Rate, Tenure, Closing Costs, etc.)
  • Other Relevant Parameters (if applicable)

Calculation:

• The system shall calculate the potential savings and benefits of refinancing based on the entered details.

Output:

• The system shall display the calculated potential savings, reduced monthly payments, and overall benefits of refinancing to the user.

External Interface Requirements

User Interfaces:

• The user interface shall consist of input fields for current mortgage details, proposed refinancing terms, and a “Calculate” button.
• The calculated potential savings, reduced monthly payments, and overall benefits of refinancing shall be displayed prominently.

Hardware Interfaces:

The system should be compatible with standard computing hardware.

Software Interfaces:

• The application will be developed using HTML, CSS, and JavaScript for the frontend.
• The backend can be implemented using a server-side framework (e.g., Node.js, Django) with a database for data storage.

Communication Interfaces:

The application will communicate with the server for mortgage refinancing calculations.

Performance Requirements

Response Time:

The system should provide a response time of under 3 seconds for a typical user input.

Throughput:

The application should handle at least 50 simultaneous users.

System Constraints

Regulatory Requirements:

The application should comply with relevant financial regulations.

Hardware Limitations:

The system should be compatible with devices supporting standard web browsers.

Security Requirements

Authentication:

User authentication may be implemented for personalized features.

Data Protection:

User data, if stored, should be securely protected.

Quality Attributes

Reliability:

The application should provide accurate assessments of potential savings and benefits based on the entered details.

Maintainability:

The code should be well-documented for ease of maintenance.

Usability:

The user interface should be intuitive, requiring minimal guidance.

Testing Requirements

Test Cases:

Test cases should cover various scenarios with different current mortgage details, proposed refinancing terms, and other parameters to ensure accurate assessments of potential savings and benefits.

Test Case 1:

• Inputs: Current Mortgage Amount = $150,000, Current Interest Rate = 4%, Remaining Tenure = 15 years. Proposed Refinancing Terms: New Interest Rate = 3.5%, Tenure = 20 years, Closing Costs = $2,000.
• Expected Output: Calculate potential savings, reduced monthly payments, and overall benefits of refinancing.

Test Case 2:

• Inputs: Current Mortgage Amount = 20,00,000 INR, Current Interest Rate = 8%, Remaining Tenure = 10 years. Proposed Refinancing Terms: New Interest Rate = 7%, Tenure = 15 years, Closing Costs = 10,000 INR.
• Expected Output: Calculate potential savings, reduced monthly payments, and overall benefits of refinancing.

Acceptance Criteria:

The application is considered successful if it produces correct assessments of potential savings and benefits based on the provided details.

Project Timeline

Milestones:

Design, Development, Testing, Deployment

Development Phases:

Frontend development, Backend development, Testing, Deployment.

Glossary

None

Database Structure

 Tables:

• MortgageRefinance_Calculator_Records:
• RecordID (Primary Key, Auto-increment)
• UserID (Foreign Key, if user accounts are implemented)
• CurrentMortgageAmount (Decimal)
• CurrentInterestRate (Decimal)
• RemainingTenure (Integer or Date)
• ProposedRefinancingTerms (Text or Structured Data)
• PotentialSavings (Decimal)
• ReducedMonthlyPayments (Decimal)
• OverallBenefits (Text or Structured Data)
• CalculationDate (DateTime)

Conclusion

This SRS document outlines the requirements for the Mortgage Refinance Calculator. It serves as a guide for the development team and ensures that the application meets the specified criteria. Review and approval by relevant stakeholders are essential before proceeding with the development phase.