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Your mortgage is a 30-year fixed at 8% on $150,000. you are considering refinancing at 3.5% fixed for 30 years. the bank charges you 1.5% of your debt in closing fees. approximately how long will it take you to recoup the closing fees from the reduced loan payment amount?

User Masam
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It would take approximately around 4 months to recoup the closing fees from the reduced loan payment amount.
User MariusBudin
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