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Lewis Said:

Is it worth it to refinance my present 5.875% mortgage to a new rate of 4.750%?

We Answered:

You will only save about $100. And it will cost you $7700. It will take you 77 months to break even. That is over 6 years. Plus you're adding two more years onto your mortgage. That is probably not worth it.


Keep shopping around for a better rate and much lower closing costs. If you can repay the costs within 3 years, then it is probably a good idea.