My little rant on mortgage loans
First, determine how much you will save each month on your payments. Simply take what you currently pay each month and deduct what you anticipate paying each month under the new rate. Next, add up all the costs of the refinance. Mortgage refinancing always comes with appraisals, attorney fees, title and documentation fees, etc. The next calculation you will need to do it figure out when you will actually start saving (commonly referred to as "breaking even.