You currently have a 30-year fixed-rate mortgage financed at 7.25% on a $213,000 home.  There are 21 years remaining on the mortgage.  Your banker friend tells you that for a small fee (2.7% of the principal borrowed), you can refinance the remaining balance of your mortgage at a fixed rate of 4.75% for 21 years.  

What is the present value of the benefit (net savings) to refinancing?

Answer rating: 100% (QA)

Answer Explanation 80691 Home mortgage amount 80692 APR 80693 Original T... View the full answer