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How Much Can I save refinancing? – Professor Savings

How Much Can I save refinancing?

Hi Welcome to professorsavings.com

  We bring you daily money saving videos

HI I’m your host Rayfil Wong

Today, we talk about the big savings from switching from refinancing

finance somethingagain, with a new loan

at a lower rate of interest.

according to a Quicken blog, the savings can add up big time

let’s start with the loan amount of $300,000

at 5% the monthly payment is $1610

after refinancing, at 3.5% monthly payment is $1,347

multiply by 12 months

at 5% total is $19,320 versus $16,164 yearly

so refinancing, save up to $3,156 per year that is 16% cheaper.

I can surely have some ideas about how to save $3,156

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