Quote:
Originally Posted by Chris Martin
Right, sort of. I guessed on several fees, but the calculator I used said 17 months to recoup costs. If I keep my current payment (including an extra 500) I would be way ahead. If I could get 1 pt I think I'd do it.
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What kind of loan amount are you talking about and are you planning to roll those points into the loan? I'll guess a base loan amount of $200k. Add $1500 to that for misc. closing costs, $4k for the points and you're at $5500. Divide that by your $250 saving and you're at 22 mos. before you save a dime. Remember, however, you skip a month between closing on your refi and your first payment and your escrows get redone.