I\'m currently working with a fairly old product that\'s been saddled with a lot of technical debt from poor programmers and poor development practices in the past. We are star
It might be easier to estimate the amount it has cost you in the past. Once you've done that, you should be able to come up with an estimate for the future with ranges and logic even your bosses can understand.
That being said, I don't have a lot of experience with this kind of thing, simply because I've never yet seen a manager willing to go this far in fixing up code. It has always just been something we fix up when we have to modify bad code, so refactoring is effectively a hidden cost on all modifications and bug fixes.