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My wife and I are in the process of refinancing our mortgage but we are unsure if the deal makes sense or not. Currently we have a 30yr FHA fixed loan with a rate of 6.5%. Our broker has presented us a streamline option where we can get a 5.5% rate today without having to buy down the rate. After some calculating we would only save around $ 108/month and it would take approx. 3.25 years to recoup the fees and start to see some savings. Our plan is to sell the property in about 5-6 years so that’s why we are hesitant to lock and proceed with the deal. Thoughts please, thank you.

2 Thoughts on What is the average monthly savings when doing a mortgage refinance?
  1. Reply
    November 2, 2012 at 4:20 pm

    Based on the limited information that you have provided, it looks like you should stick with the streamline refinance. If you break even with the costs in 3 years, then you will save $ 108 per month for every month thereafter that you have that loan. If you have the loan for 5 years, you will save $ 2,592 over and above your costs. I like it.

  2. Reply
    November 2, 2012 at 4:31 pm

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