Refinancing $350,000 from 7.5% to 5.5%: Monthly Savings & Break-Even
Dropping from 7.5% to 5.5% on a $350,000 mortgage balance saves $0/month. At estimated closing costs of $7,000 (2%), you break even in 0 months.
Refinance Comparison
| Metric | Current (7.5%) | New (5.5%) | Savings |
|---|---|---|---|
| Monthly Payment | $0 | $0 | $0 |
| Annual Savings | — | — | $0 |
| Closing Costs (~2%) | $7,000 | — | — |
| Break-Even Point | — | — | 0 months |