Refinancing $400,000 from 8% to 5.5%: Monthly Savings & Break-Even
Dropping from 8% to 5.5% on a $400,000 mortgage balance saves $0/month. At estimated closing costs of $8,000 (2%), you break even in 0 months.
Refinance Comparison
| Metric | Current (8%) | New (5.5%) | Savings |
|---|---|---|---|
| Monthly Payment | $0 | $0 | $0 |
| Annual Savings | — | — | $0 |
| Closing Costs (~2%) | $8,000 | — | — |
| Break-Even Point | — | — | 0 months |