How Much Can I save refinancing?
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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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