Two years after John and Kate purchased their home, (15-year, 3% loan, $950 monthly payment), mortgage rates have dropped to 2.3%. They currently owe $120,000 on the original mortgage and would like to refinance for the lower rate but keep the same original end date. The cost to refinance is $1,800. What will be the new payment after refinancing? How long will it take to break even?

Answer rating: 100% (QA)

Step 11 Amount currently owe on mortgage ov Number of monthly repayments npe... View the full answer