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existing mortgage, the institution making the loan wants two points' plus other refinancing costs for a total of $3,300.
After refinancing, your new monthly payment for principal and interest will be $1,049, a savings of $241 per month for the next twentyfive years. You’ll recover your. $3,300 refinancing costs in approximately fourteen months. The total interest saved over the life of the contract is $72,300. You have invested $3,300 now to save $241 per month for the next twenty-five years. The annual rate of return on your $3,300 is 87 percent.
There are two basic approaches available for paying your refinancing costs. One is to simply buy your existing mortgage down to the lower rate by paying the refinancing costs in cash. The second is to finance
93.4%