You bought an interest rate cap to protect a bridge loan. Now the loan is being repaid — through a sale, a refinance, or early payoff. What happens to the cap? Can you recover any of the premium you paid? And how exactly does the exit process work? This guide walks through everything, step by step.
Before you call your dealer, get a ballpark on what your remaining cap might be worth. The free interest rate cap calculator can help you model the numbers.
Use the Free Rate Cap Calculator →What’s in this guide
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Why Borrowers Exit an Interest Rate Cap Before It Expires
An interest rate cap is purchased to match a specific loan — typically a floating-rate bridge loan, a construction facility, or a value-add acquisition loan. The cap’s term is set to run co-terminus with the loan’s expected maturity. But loans do not always run to their scheduled end date. Borrowers sell properties, refinance into fixed-rate permanent loans, or pay off debt ahead of schedule all the time.
When the underlying loan is repaid before the cap reaches its termination date, the cap becomes an orphaned instrument. It still exists legally. It still generates settlement payments if SOFR exceeds the strike rate. But it is no longer connected to any floating-rate debt obligation — and continuing to hold it serves no hedging purpose.
At that point, borrowers have three choices: terminate the cap and receive the residual value in cash, assign the cap to a new borrower who needs hedging protection, or simply let it run to maturity. Understanding the trade-offs between those three paths — and how to execute the one that is right for your situation — is what this guide is about.
📌 Key distinction from swaps: One of the biggest advantages of a cap over an interest rate swap is that exiting a cap early costs you nothing extra. With a swap, early termination can trigger a breakage cost of hundreds of thousands — or millions — of dollars if rates have moved favorably. With a cap, you simply receive whatever the remaining caplets are worth at current market conditions. There is no penalty. There is no breakage. You either get money back, or you get nothing — but you never owe money to exit.
The most common reasons for early cap exit
🏗️ Property sale
The most frequent trigger. A borrower who acquired a value-add asset with a bridge loan sells the stabilized property after 18–24 months. The loan is repaid at closing. If the buyer is not assuming the loan, there is no reason to assign the cap — termination is the cleanest path.
💰 Refinance into permanent debt
A borrower stabilizes the asset and refinances the bridge loan into a 10-year fixed-rate agency or life company loan. The new loan carries no floating-rate exposure, so the cap becomes redundant. The residual value from terminating the old cap can help offset refinance costs.
📉 Early loan payoff
A borrower uses a capital event — asset sale proceeds, a capital call, or partner buyout proceeds — to repay the floating-rate loan ahead of schedule. The loan is gone; the cap is not. Termination or a hold decision follows.
🔄 Loan assumption with cap transfer
A buyer acquires the property and assumes the existing bridge loan. Rather than the seller terminating the cap, it is assigned to the new borrower, who inherits both the debt and the hedge. The seller receives no termination payment, but the transfer avoids the need for the buyer to purchase a new cap at current market prices.
Termination vs. Assignment: Understanding Your Two Primary Options
When your loan is repaid early, you are not automatically required to do anything with the cap. The cap continues to exist under its ISDA documentation independently of the loan. But as a practical matter, you will likely want to take action — either terminate it, assign it, or in rare cases hold it as a standalone position.
You request a bid from the dealer. The dealer calculates the current fair market value of the remaining caplets and offers a price. You accept, sign a termination agreement, and the dealer wires you the termination payment within the settlement period. The cap is cancelled.
- Clean exit — cap obligations end
- Immediate cash proceeds
- No legal complexity (no new counterparty)
- No lender consent required
- Residual value may be modest if SOFR has fallen
- Tax event in the year of termination
The cap is transferred from you (original buyer) to a new borrower via a novation agreement. The new borrower steps into your position under the ISDA documentation. The dealer must consent. Used when a buyer is assuming the loan and wants to keep the existing hedge.
- New borrower gets existing hedge at no cost
- No new cap premium required for buyer
- Can be a selling point in the acquisition
- Requires dealer and lender consent
- Legal documentation (novation agreement)
- Seller receives no cash proceeds
- New borrower takes on ISDA obligations
You repay the loan but simply continue holding the cap as a standalone position until it expires. If SOFR remains above your strike, you continue receiving settlement payments — even with no underlying loan. This is unusual and carries its own risks and administrative complexity.
- Collect remaining settlement payments if SOFR is high
- No action required immediately
- Cap is now speculative, not a hedge
- Accounting treatment changes
- Lender may no longer have any interest in the cap
- Rarely the right choice for real estate borrowers
⚠️ Assignment is more complex than it appears. Many borrowers assume that if a buyer is “taking over the loan,” the cap automatically transfers with it. It does not. Assignment requires a formal novation agreement signed by all three parties — the original cap buyer, the new cap buyer, and the dealer. The lender’s consent may also be required if the existing cap assignment agreement names the lender as an acknowledged party. Start the assignment conversation at least 30 days before closing if this path is intended.
See the full guide to interest rate cap assignment agreements — including what novation means, what lenders require, and how the three-party consent process works.
How the Early Termination Bid Is Calculated
When you request a termination quote, the dealer is not looking at what you paid for the cap. That number is irrelevant to them. What they care about is what the cap is worth in today’s market — and that depends entirely on the current state of three variables: the SOFR forward curve, implied volatility, and the time remaining on each caplet.
The mechanics of a termination bid
An interest rate cap is a strip of individual options called caplets. Each caplet covers one interest period — typically a calendar quarter. The cap you bought on a two-year bridge loan likely contains eight quarterly caplets. If you are terminating the cap fourteen months into the two-year term, six caplets have already expired (paid out or expired worthless). Two caplets remain, covering the final six months of the original cap term.
The dealer reprices each remaining caplet using the current Black-76 options model. The key inputs are:
📊 Forward SOFR Curve
The market’s current expectation for where SOFR will be on each caplet’s settlement date. If the forward curve places SOFR below your strike rate on both remaining caplet dates, those caplets have no intrinsic value — only time value. If the forward curve places SOFR above your strike, the caplets have intrinsic value, and the bid reflects a meaningful cash amount.
📉 Implied Volatility
How uncertain the market is about future SOFR movements. Higher implied volatility means the remaining caplets are more valuable — there is more chance SOFR will rise above the strike before the caplets expire. If you terminate during a period of compressed volatility, your bid will be lower than if you terminate during a volatile market environment.
⏱️ Time to Each Caplet’s Expiry
Options lose value as they approach expiry (theta decay). A caplet with six months remaining is worth more than the same caplet with only two weeks left, all else being equal. Terminating shortly after a caplet has just settled — when the next caplet still has a full quarter ahead of it — generally produces a better bid than terminating just before a caplet is about to expire worthless.
Termination Bid ≈ Σ PV(remaining caplets)
Where each caplet's value = Black-76(Forward SOFR, Strike Rate, Implied Vol, Time to Expiry, Notional)
And the dealer's bid = Sum of caplet values − Bid/Offer Spread
The bid/offer spread is the dealer’s margin — the difference between the fair value they calculate and the price they actually pay you. For a standard cap with a major dealer, this spread is relatively narrow (often 5–15 basis points of notional equivalent), but it varies by dealer and market conditions. This is one reason why getting multiple quotes matters.
The practical implication: timing your termination
You generally cannot time the exact date your loan is repaid — that is driven by closing timelines. But if you have flexibility, understanding the factors above can inform whether to delay or accelerate the termination request by a few days.
| Condition | Effect on Termination Bid | Implication |
|---|---|---|
| SOFR forward curve is well above your strike | Higher bid | Strong intrinsic value in remaining caplets — good time to terminate |
| SOFR forward curve is well below your strike | Lower bid | Pure time value only — bid will be modest |
| High implied volatility in SOFR options market | Higher bid | Volatility boosts option value — terminating now captures more |
| Low implied volatility (compressed market) | Lower bid | Options worth less; if flexible, consider waiting for vol to rise |
| Many caplets remaining (early in cap term) | More time value | Terminating well before maturity generally recovers more premium |
| Few caplets remaining (near end of cap term) | Modest bid | Most value has been exhausted; bid may not justify admin effort |
| Terminating right after a caplet just reset | Slightly better | Next caplet has full period ahead; more time value to capture |
| Terminating right before a caplet expires | Neutral to lower | That caplet’s time value is near zero; next one not yet reset |
Before you request a termination quote, run the numbers yourself. The interest rate cap calculator lets you input current SOFR levels, your strike rate, remaining term, and notional to estimate what the remaining cap might be worth. It gives you a reference point before you negotiate with a dealer.
Estimate Residual Cap Value →What Drives Residual Cap Value: A Range of Outcomes
One of the most common questions borrowers ask when they learn their loan is being repaid is: “How much of my cap premium can I get back?” The honest answer is: it depends, and the range is wide — from essentially nothing to a significant portion of the original cost.
To illustrate, consider a borrower who paid $280,000 for a 2-year, $15M interest rate cap at a 5.50% strike rate on a bridge loan originated when SOFR was at 5.25%. Here is how the termination bid would differ depending on when and under what conditions the loan is repaid early:
Note: All values are illustrative examples to show the concept of residual value ranges. Actual termination bids depend on current market conditions, dealer pricing, and specific cap terms.
The three factors that matter most
1. How far SOFR is above your strike
This is intrinsic value — the money the remaining caplets would pay out if the rate stayed exactly where it is. A cap that is deeply in-the-money (SOFR well above strike) will have a much higher termination bid than one that is at-the-money or out-of-the-money.
2. How much time is left on the cap
Longer remaining term means more caplets with time value. A cap with 18 months remaining is worth more than the same cap with 3 months remaining, assuming identical market conditions. Terminating very late in the cap term is often not worth the administrative effort.
3. Current implied volatility
If the interest rate options market is pricing in significant uncertainty about future SOFR movements, even an at-the-money or slightly out-of-the-money cap can carry meaningful time value. Conversely, a compressed vol environment reduces the bid even for an in-the-money cap.
Step-by-Step: How to Terminate Your Interest Rate Cap Early
Early cap termination is straightforward once you understand the sequence. There are no complex multi-party negotiations, no prepayment penalties, and no credit approvals required. The process is simply: request a quote, accept or reject, sign the paperwork, receive your money. Here is the full sequence in detail.
Before contacting the dealer, make sure termination is the right path. Is the buyer assuming the loan? If so, consider assignment. Is the cap assignment agreement pledged to the lender? If so, check whether lender release is needed before you can terminate. These questions take a day to answer and prevent missteps later.
You will need the ISDA Master Agreement, the Schedule, the Credit Support Annex if applicable, and the Confirmation document. The dealer can look up the trade internally using your reference number, but having the confirmation on hand lets you verify the deal terms yourself before discussing a price.
Your original dealer is the natural starting point — they are already a counterparty and the process is fastest with them. But you are not required to terminate with your original dealer. You can request a termination bid from other dealers who may offer better pricing. Always get at least two quotes if the expected termination amount is $25,000 or more.
Most dealers return a termination bid within a few hours of a formal request. The bid will specify the termination amount (what they will pay you), the termination date, and the settlement date (when funds will clear). The bid is typically valid for a short window — sometimes as little as 30 minutes — because market conditions change. Have your decision authority ready.
If you have requested multiple quotes, compare them now. Even a difference of $5,000–$15,000 on a mid-sized cap justifies the extra call. Accept the winning bid verbally (dealers typically record these calls) and confirm in writing by email. Once accepted, the bid is locked — the termination amount will not change even if market conditions shift before settlement.
The dealer will send a short-form termination agreement — typically one to three pages. It references the original ISDA Master Agreement and confirms the termination amount, the termination date, and the wire instructions. Your authorized signatory signs and returns it to the dealer. This step typically takes one business day.
Settlement typically occurs T+2 or T+3 from the accepted termination date. The dealer wires the termination amount to your specified bank account. Confirm receipt and notify your accounting team. The cap is now officially terminated — no further caplet settlement periods, no further obligations under the ISDA Master Agreement.
If the cap was pledged to the lender under an assignment agreement, provide confirmation of termination to the lender’s counsel. Update your internal records to reflect the terminated position. Coordinate with your accountant to record the gain or loss in the correct period.
Typical timeline from request to settlement
Real-World Scenarios: Cap Termination in Practice
Theory is useful, but seeing how early cap termination plays out in real scenarios makes the concept concrete. The four scenarios below cover the most common situations borrowers face.
A borrower acquired a 180-unit multifamily property in Atlanta using an 18-month bridge loan. They purchased a 2-year interest rate cap at a 5.50% strike rate, paying $320,000 at closing. The business plan called for a renovation and rent increase program that would allow stabilization and a sale within 18 months.
The renovation went well. The property sold at the 17-month mark. At that point, the loan was being repaid and the cap had approximately 11 months of remaining term. SOFR was running at 6.10% — well above the 5.50% strike. The cap had been generating meaningful quarterly settlement payments throughout the hold period.
The termination outcome
With 11 months remaining and SOFR elevated 60 basis points above the strike, the remaining caplets had significant intrinsic value plus remaining time value. The borrower contacted three dealers for termination bids. The bids ranged from $168,000 to $187,000. They accepted the highest bid at $187,000.
The $187,000 termination payment, combined with the quarterly settlement payments received during the hold period (approximately $215,000 in total), meant that the $320,000 cap premium was more than recovered over the life of the position — the cap effectively paid for itself and then some. The cap’s cost as a percentage of the total project budget, net of recoveries, was close to zero.
📌 Key lesson: An in-the-money cap at exit is an asset, not just a sunk cost. Borrowers who don’t think to request a termination bid sometimes leave six-figure amounts behind by simply letting the cap lapse.
A developer used a $24M construction loan at SOFR + 225bps for a mixed-use development project. At loan origination, SOFR was at 5.50% and the lender required a cap at a 6.00% strike for a 24-month term, costing $195,000. The developer expected construction to take 20 months.
Construction was completed at month 19. Interest rates fell significantly during the construction period — SOFR dropped to 4.20% as the Fed cut rates in response to slowing economic conditions. The developer refinanced the construction loan into a permanent loan at a fixed rate at project completion.
The termination outcome
With 5 months remaining on the cap and SOFR at 4.20% — 180 basis points below the 6.00% strike — the remaining caplets were deeply out-of-the-money. The cap had never generated a single settlement payment during the construction period (SOFR never exceeded 6.00%). The termination bid was approximately $12,000, reflecting only residual time value on the two remaining quarterly caplets.
The developer terminated the cap for $12,000, recovering less than 7% of the original premium. This is the correct outcome — the cap did its job by protecting against a risk that never materialized. The developer ran the project without the catastrophic rate exposure that an uncapped floating-rate construction loan would have carried if rates had moved against them. The $195,000 was the cost of that protection.
💡 Key lesson: A low termination bid is not a sign that something went wrong. A cap that never paid out means rates stayed favorable. The premium is the cost of insurance, not a deposit you are necessarily entitled to recover.
A seller had an $11M bridge loan on a retail strip center with 14 months remaining on both the loan and the cap. The buyer wanted to assume the loan rather than arrange new financing — and a new 14-month cap at current market rates would have cost the buyer approximately $130,000.
The negotiation
The parties negotiated an assignment of the existing cap to the buyer as part of the purchase. Rather than the seller terminating the cap and pocketing the residual value (estimated at approximately $95,000 given SOFR was near the strike rate), the seller agreed to assign the cap to the buyer — effectively giving the buyer $95,000 worth of hedging value — in exchange for a slightly higher purchase price that more than offset the $95,000 they did not receive from termination.
The dealer agreed to the assignment after reviewing the new buyer’s creditworthiness. The novation agreement was drafted and signed at closing. The buyer received an existing cap with 14 months of protection — saving themselves the $130,000 new cap premium — and the seller captured the assignment value through the purchase price negotiation.
📌 Key lesson: In a loan assumption scenario, the cap is a negotiating asset. Neither termination nor assignment is automatically better — the right path depends on what each party values and how the purchase price is structured. Start this conversation early with the buyer and lender, not at the closing table.
A sponsor used a $27M bridge loan on a suburban office-to-residential conversion project. The original plan was a 3-year hold with a bridge-to-permanent refinance at stabilization. Market conditions shifted — interest rates declined more than expected, and an agency lender offered an attractive permanent loan rate 14 months into the hold period, significantly earlier than planned.
The early refinance made financial sense on the new permanent loan, but came with transaction costs: origination fees, legal fees, title insurance, and other closing costs totaling approximately $310,000. With 19 months remaining on the cap, the borrower requested termination bids.
The outcome
Despite SOFR having fallen from its peak, significant implied volatility in the market meant the remaining 19-month caplet strip still carried meaningful time value. The highest termination bid was $248,000 — nearly 80% of the total refinance closing costs. The sponsor applied the cap termination proceeds directly toward closing costs, making the early refinance substantially more capital-efficient than originally modeled.
📌 Key lesson: When modeling an opportunistic refinance, don’t ignore the cap. Especially early in the cap term, termination proceeds can meaningfully offset transaction costs. Run the cap calculator to estimate residual value before finalizing your refinance cost analysis.
Tax and Accounting Considerations When Terminating a Cap Early
The termination of an interest rate cap is a taxable event. How it is treated depends on how the cap was classified at inception — as an ordinary hedging contract, as a capital asset, or under some other framework — and on the entity type holding it. This section provides an overview of the key considerations, but because cap tax treatment is genuinely complex and fact-specific, always involve your tax advisor before executing a termination.
Ordinary hedge treatment
Most commercial real estate borrowers who purchased a cap to hedge a floating-rate loan treat the cap as an ordinary hedging transaction under Section 1221(b)(2) of the Internal Revenue Code. Under this treatment, the original premium paid is deducted over the life of the cap (or capitalized into the basis of the hedged item depending on how the borrower structured the accounting), and the gain or loss on early termination is treated as ordinary income or loss in the year of termination.
This means that if you receive $187,000 on termination of a cap for which you paid $320,000 and have fully amortized only $200,000 of that premium to date, you may recognize a $67,000 ordinary gain or loss depending on your specific facts and method. Your tax advisor will need to walk through the exact computation.
Mark-to-market considerations
If the cap is classified as a Section 1256 contract — which can apply to certain standardized derivative products — it would be subject to mark-to-market treatment at year-end, with 60% of any gain or loss treated as long-term capital and 40% as short-term. However, most bespoke over-the-counter interest rate caps purchased in the CRE lending context are not Section 1256 contracts and do not receive this treatment. Confirm your classification with counsel.
ASC 815 — Cash flow hedge accounting
For entities that apply ASC 815 and designated the cap as a qualifying cash flow hedge, the mechanics of termination accounting require careful handling. Settlement of a qualifying cash flow hedge results in reclassification of amounts in AOCI (Accumulated Other Comprehensive Income) into earnings as the originally hedged transaction affects earnings. Early termination triggers a specific accounting sequence that should be handled by your accounting team in coordination with your auditors.
See the full guide to interest rate cap accounting treatment under ASC 815 — including hedge designation, effectiveness testing, and what happens when a cap is terminated before maturity.
⚠️ Disclaimer: The information in this section is general educational background and is not tax or legal advice. Tax treatment of cap termination varies by entity type, jurisdiction, how the cap was originally designated, and other facts specific to your situation. Always consult a qualified tax advisor and legal counsel before terminating an interest rate cap, particularly for transactions involving material amounts.
Mistakes to Avoid When Exiting an Interest Rate Cap Early
Early cap termination is not complicated, but there are several avoidable errors that cost borrowers real money or create unnecessary delays. Here are the most common ones.
❌ Accepting only one termination bid
The most expensive mistake is also the most common. Borrowers who have a good relationship with their original dealer often call only that dealer and accept the first bid without shopping it. Dealer pricing on early terminations is not uniform. Getting two or three competing bids routinely recovers an extra $10,000–$40,000 on a mid-sized cap — often in a single phone call.
❌ Not realizing the cap has termination value
Some borrowers — particularly those who purchased a cap at lender requirement without fully understanding the instrument — don’t know they can receive money back when they exit. They simply notify the dealer that the loan is being repaid and assume the cap goes away automatically. It does not. And no one from the dealer’s side is going to proactively call you to offer you a termination bid.
❌ Terminating too early without exploring assignment
In a loan assumption scenario, a seller who terminates the cap and receives the residual value may be leaving negotiating leverage on the table. The buyer may value the existing cap (which they can inherit) at more than the termination bid the dealer will pay. Always assess the deal structure before defaulting to termination.
❌ Forgetting to notify the lender
If the cap was assigned to the lender under an assignment agreement at origination, the lender typically needs to be notified — and sometimes must provide written consent or release — before a cap can be terminated. Failing to get lender sign-off can create friction at closing. Add this to your closing checklist.
❌ Not coordinating with the accountant in advance
A cap termination is a financial event that affects your income statement and potentially your tax return in the year of termination. If the gain is material, you want your accountant involved before the termination agreement is signed — not after the money has already arrived and the year-end reporting question lands on their desk.
❌ Terminating at a bad time in the reset cycle
A caplet that is one week away from its scheduled reset date is about to become a historical cap (it will either pay out or expire worthless on that date). If you terminate the day before the reset, you may lose the settlement payment that was about to arrive. A quick call to the dealer about timing — specifically around upcoming reset dates — can help you decide whether to wait 5–7 days before formally requesting the termination.
The free rate cap calculator lets you estimate your cap’s remaining value using current SOFR levels, your strike rate, and remaining term. It gives you a working reference before you enter termination bid negotiations — so you know whether the bid you receive is reasonable.
Estimate Your Cap’s Remaining Value →Frequently Asked Questions
Can I terminate my interest rate cap before it expires?
Yes. Unlike an interest rate swap, a cap can be terminated early by the cap buyer at any time by requesting a termination bid from the dealer. There is no penalty for early termination, though the amount you receive reflects current market value — not your original premium. If the remaining caplets are out-of-the-money, the termination bid will be modest or minimal. If they are in-the-money, the bid can be meaningful.
How is an early termination bid calculated?
The dealer reprices each remaining caplet using the current SOFR forward curve, current implied volatility, and the remaining time to maturity for each caplet. The sum of those present values — less the dealer’s bid/offer spread — is the termination bid. If SOFR is elevated above your strike, the remaining caplets carry significant intrinsic value and your bid will be meaningful. If SOFR is well below the strike, the bid reflects only residual time value.
What is the difference between terminating and assigning an interest rate cap?
Termination ends the cap entirely — the dealer pays you the residual value and the cap is cancelled. Assignment transfers the cap to a new owner — typically the borrower who is acquiring the property or taking on the loan — via a novation agreement. Assignment requires dealer consent and legal documentation, but preserves the cap for the new borrower. The seller receives no cash in an assignment; instead, the value of the cap transfer is negotiated into the purchase price.
How long does cap early termination take?
From the initial termination request to settlement, the process typically takes 3–7 business days. The termination quote itself is usually returned by the dealer within a few hours of the request. Once you accept the bid and sign the short-form termination agreement, settlement typically occurs on T+2 or T+3 from the agreed termination date. The entire process — request, negotiation, documentation, and wire — can be completed within a single week in most cases.
Do I have to terminate my cap when I sell the property?
Not automatically. If the loan is being fully repaid at closing and the buyer is not assuming the loan, the cap is no longer serving its hedging purpose, but it does not disappear on its own. You can choose to terminate it (and receive the residual value), hold it temporarily, or — if the buyer is assuming the loan — explore assignment. If the loan is fully repaid, most borrowers terminate the cap promptly and use the proceeds toward closing costs or as a return of capital.
What happens to my interest rate cap if I refinance?
When you refinance, the original floating-rate loan is repaid and replaced with new financing. The original cap no longer matches the new loan, so you will generally terminate it and recover the residual value. If the new loan is also a floating-rate product with a cap requirement, the lender on the new loan will require a new cap sized to that facility — the old cap cannot typically be repurposed or transferred to a different loan. The residual value from terminating the old cap can help offset the new cap premium or other refinance costs.
Is the termination payment I receive taxable?
Yes, in most cases. The tax treatment of cap termination proceeds depends on how the cap was originally classified — as a hedge under Section 1221, as a Section 1256 contract, or otherwise — and on your entity type and method of accounting. Borrowers who held the cap as a qualifying hedge generally recognize ordinary income or loss on termination. Because tax treatment is genuinely fact-specific, always consult a qualified tax advisor before terminating a cap where the termination proceeds are material.
Before You Terminate Your Cap, Estimate What It’s Worth
The single most useful thing you can do before requesting a dealer termination bid is run your own estimate. It takes two minutes and gives you a working reference — so you know whether the bid you receive is reasonable, or whether it’s worth pushing back or getting a second quote.
🧮 Interest Rate Cap Calculator
Enter your current SOFR level, strike rate, remaining term, and notional amount to estimate what your remaining cap might be worth at termination. The calculator uses Black-76 option pricing — the same methodology dealers use — to give you a meaningful reference before you pick up the phone.
Open the Free Cap Calculator →📚 Related Guides
If you are navigating the full cap lifecycle — from purchase to early exit — these related articles cover the surrounding topics in depth.
Use the free Waldev interest rate cap calculator to model your cap’s remaining value under current market conditions — before you call the dealer, before you accept the first bid, and before you finalize your closing cost analysis.