Posted on: 12th Jan, 2009 07:39 am
How do you figure break even point when going from 30yr to 15yr fixed? Just received quote: monthly payment will increase $50, $2500 closing costs.
Hi AmyLee,
You can use the following calculator to figure the break even point (Number of Months for Interest Savings to Offset Closing Costs) as well as your interest savings through Refinance:
http://www.mortgagefit.com/calculators/refinance.html
Thanks.
You can use the following calculator to figure the break even point (Number of Months for Interest Savings to Offset Closing Costs) as well as your interest savings through Refinance:
http://www.mortgagefit.com/calculators/refinance.html
Thanks.