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How to Calculate the Cost vs. Benefit of Refinancing
How to calculate the cost vs. benefit of refinancing
Whether or not you should refinance will depend at least 3 things:
The costs associated with refinancing The total monthly savings the refinance equates to. How long you plan to stay in the home or hold the loan Once you calculate how many months of savings it will take to cover all the costs of refinancing (including any costs added to the principle balance of your loan) you can more easily assess whether or not it makes sense for YOU to refinance.
Here is an example. The numbers I'm using make for easy math. Assume the following:
Current payment - $2500/month New payment - $2000/month Savings per month - $500 Costs of refinancing* - $5500 Months to break even - 11 In other words, you don't realize any real gain until the 12th month, but for every month following you'll save $500 per month. So if you plan on being in the home for longer than 12 months, refinancing looks pretty good.
*The costs of refinancing include loan fees, title fees, recording fees, legal fees, up-front pricing adjustments (if not being taken in the rate) and other fees that may vary by ... more

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