Look at monthly savings and break-even
A good refinance usually pays back its closing costs within the time you plan to keep the home. Divide total costs by monthly savings for a rough break-even in months.
Reasons beyond rate
You might refinance to drop mortgage insurance, shorten term, switch from ARM to fixed, or consolidate high-interest debt via cash-out.
When to wait
Short remaining tenure, tight equity, or plans to sell soon often mean refinancing won't pay off.
Key takeaways
- Break-even is the key metric.
- Rate isn't the only reason to refi.
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