Question

Kelly and tim jarowski plan to refinance their mortgage to obtain a lower interest rate. they will reduce their mortgage payments by $56 a month. their closing costs for refinancing will be $1,670. how long will it take them to cover the cost of refinancing? (round your answer to the nearest whole number.) number of months months

Answer 1

If you divide 1650 to 56, the answer is 30 months rounded up to the nearest number. I am not sure if this is worth it and am wondering if people actually pay money to do this. If you were taking down monthly payments by 200 dollars or more, it would be worth it since you will be saving more money on a monthly basis. You can have more money for gas, groceries and other bills.