The answer is complex and involves a number of variables: current principal amount, current interest rate, closing costs, among others. For simplicity, we’ll follow the example of a recent StupidCents.com post with a $160,000 mortgage and current interest rate of 6.50%. We’ll also assume closing costs are $1000 and you want a simple break even time frame of one year…
Tag Archive: interest rates
Save $200 Per Month – Refinance!
Everyone is keenly aware of the global economic chaos that has unfolded since an early warning sign was fired on February 27, 2007. The response to the worst housing environment since the Great Depression has been unprecedented: bailouts totaling $8.5 trillion through November 25, ownership stakes in over 200 banks, and loans to General Motors…
