I'm from Minnesota. That's not extreme cold. A little chilly, for sure.
The obvious answer is that you will have slightly hotter water but lose the small amount of house heating that hot pipes running through your basement might be providing. Since they are probably small, 5/8" pipes and not many of them, that would be negligible.
Does your hot water heater put out noticeable heat when you are near it? Hot to the touch? Most have better internal insulation than that.