Mortgage A basic primer
When you know exactly how much refinancing will cost, divide it by the difference between your current monthly payments and your future monthly payments. The result is the period, in months, that it will take you to break even after you have completed the refinance. For example, if you pay $1200 right now, you would pay $1000 per month after the refinance, and refinancing would cost $2200 in taxes and fees, it will take you 11 months to break even. After that, you would start saving money. Do you plan to stay in your house long enough to garner noticeable savings from a refinanced mortgage? If the answer is no, then you should avoid the stress of refinancing and keep your old mortgage.