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By refinancing, you’d save about $220 on your monthly payments and nearly $30,000 in interest payments over the life of the loan, and it would take you about three years to recoup the closing ...
Now say about 15 years into the loan, you’ve paid $86,551 toward the principal and $257,499 in interest and you want to refinance the remaining $233,449 of your principal balance with a new 15 ...
Refinancing activity recently jumped to a two-year high. Here's how to tell if it's right for you.
Whether you’re considering refinancing now or waiting to see how far rates drop, here are resources to help you prepare: Mortgage refinance calculator Best mortgage refinance lenders in 2024
Your refinance costs are likely to be around 3.5% of the loan amount or $8,000. If you save $200 per month in mortgage costs by dropping your rate, it will take 40 months to break even, or 3.33 years.
So, say you took on a loan with 7% interest — a very high rate — refinancing could make a lot of good sense. Review your current mortgage rate and terms to see if refinancing will save you cash.
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