Your current mortgage payment is $830. Interest rates have fallen and you estimate that, if...
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Your current mortgage payment is $830. Interest rates have fallen and you estimate that, if you refinance your mortgage, your ne payment will be $730. You expect closing costs to be $4000. If you plan on selling the home in two years, should you refinance? Yes, you will save $1460 on the refinance. No, it will take 40 months to break-even on the refinance. Yes, you will save $2540 on the refinance. No, it will take 3 years to break-even on the refinance
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