If you're refinancing to lower the
monthly cost of your mortgage, keep in
mind that you may need to stay in your
home for several years to recoup the
cost of refinancing. To estimate the
amount of time it would take to recover
refinancing costs through a lower
monthly mortgage payment, use our
Refinance
Calculator, or simply
divide your total refinancing cost by
your total monthly savings. For example,
if your refinancing costs will be
$2,500, and your monthly savings will be
$100, then you'll need to stay in your
home 25 months or more (2,500 ÷ 100 =
25) to recoup the cost of refinancing. |
