Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

mitch96

(13,895 posts)

2. Old rule of thumb for refinance was,,,

Reply to brokephibroke (Original post)

Sat Mar 7, 2020, 08:35 AM

Mar 2020

If the interest rate is 1 or 2% below what you are paying now and if you can ameratise the closing costs in two years...
The basic formula is: Closing costs ÷ monthly savings = break even point.
YMMV, talk to your financial advisor before committing any money
m

Edit history

Please sign in to view edit histories.

2 replies

= new reply since forum marked as read

Highlight:

Mortgage rates are so low [View all] brokephibroke Mar 2020 OP

One caution... that's probably just for purchase money FBaggins Mar 2020 #1

Old rule of thumb for refinance was,,, mitch96 Mar 2020 #2