So, I just got done speaking about getting my current mortgage refinanced as rates have dropped since I bought my house.
Here's the short of it:
Current Rate - 4.625% - P&I Payment - 2027
New Rate - 4.125% - P&I Payment - 1927
Cost rolled into mortgage for refinance - 3800~
Trying to think about whether or not this is worth it. I'm assuming that I need to think about my break even cost ($100 less payment per month means 38-40 months to recoup refi costs plus interest accrued)? Any other considerations I need to think about (I'm not moving, so I don't need to worry about that)?
TIA