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When To Refinance Your Home
(continued)
How Long will it take to "Break Even"
The real cost of refinancing a home is in the closing costs. To determine weather it is to your advantage to refinance it is necessary to determine hoe many months it will take to recoup these costs from the savings under the new loan.
$________
$________
$________
Old Payment
Minus
New Lower Payment
=
Monthly Savings
$________
$________
Closing Costs
Divided by
Monthly Savings
=
Number of months to break even
Refinancing an old home loan could mean lower payments and perhaps changing from a variable rate to a fixed rate loan. If the projected time in a home is short the closing costs may consume any savings.
If one plans to sell a home in a year or two, a variable rate mortgage with an initially lower rate may be advantageous.
Click here to find out online if you qualify for a
Refinance Loan
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