Home loans Things to consider
Next, determine when you will make up the cost of the refinancing and start saving on your monthly payments (also know as when you "break even. ") You do this by dividing your total estimated cost for the refinancing by your estimated monthly savings. The number will be given in months. If your break even point is greater than the time you plan to own the house, it would not be wise to refinance. If you plan to own the house past that break even point, then consider refinancing.