Your mortgage has 20 years remaining, with $800 monthly payments, and $103,184 in remaining principal. If you refinance with a new 30-year mortgage, the payments will be $760, so you will save $40 per month. Closing costs are $1300. If you expect to keep living there for around 5 years, should you refinance?

Answer rating: 100% (QA)

To determine whether you should refinance we need to compare the savings from the l... View the full answer