Refinance, does it pay?
The honest test: how many months of savings it takes to recoup the switching costs, and what you actually keep over the rest of the loan.
Your loan
$
%
years
New loan
%
years
$
Break-even in
↓ −$223/mo repayment5 mo
Current monthly
$3,743
New monthly
$3,520
Net over remaining
$65,994
Rate gap
Current6.39% · $3,743/mo
New5.74% · $3,520/mo
Gap: 0.65%. You’d clear costs in 5 months and pocket $65,994 over the rest of the loan.
SponsoredBrokers can negotiate cashback offers worth $2–4k on refinance.
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