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Does This Mortgage Refinance Make Sense?
Does This Mortgage Refinance Make Sense? Current Mortgage: $289k at 7.99%, 29.5 years left on loan, P+I = $2133 Refinanced: $289k at 6.5% for 30 years; P+I = $1827, and $2000 closing costs. PMI would remain at $55/month and escrow would also remain the same. The monthly savings would be $306, which as far as I understand yields a breakeven point at the 6-7 month mark. The $2k in closin...
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