Question: Assume you have a 3 0 - year fixed - rate mortgage of USD 7 5 0 , 0 0 0 at an interest rate

Assume you have a 30-year fixed-rate mortgage of USD 750,000 at an interest rate of 6%, with a remaining balance of USD 665,000. You are able to refinance the mortgage at 4% for another 30 years, with a closing cost of USD 13,000. What is your approximate total interest savings?
USD 368,511.16
USD 390,854.20
USD 413,197.24
Assume you have a 3 0 - year fixed - rate

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