If You Had Refinanced Your Mortgage in 2016, You’d Be Saving $165K or More in Interest

A mortgage refinance can lead to significant savings. Since a mortgage typically involves such a large balance, refinancing could mean saving thousands or even hundreds of thousands of dollars in interest over the life of the loan. Let’s walk through the math of how much you would have saved if you refinanced your mortgage in 2016. The Situation Back in 2009, Sally and Harry were lucky enough to keep their jobs during the Great Recession. After saving up a down payment of $20,000, they bought a home wit ...