Mortgage loans, a discussion.
You will need to add up things like an appraisal, title fees, documentation preparation and lawyer fees. Make sure to include any penalty fees for paying your original mortgage off early. Then, subtract the new monthly payment from what your current payment is to know how much you would save each month. The third step figures out when your break even point will be, by dividing the cost of the refinance by what you would save each month. Last, determine how long you anticipate owning the house.