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Friday, April 26, 2024    		 
Household Math™: Home Refinance
by Scott Bilker
Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
 
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Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1. Brooke wants to refinance the balance on her home mortgage. She still owes $125,000 at 7% after paying 36 monthly payments of $859.77 on her 30-year loan. She gets approved for a refinance at 5.5% for a 20-year loan with 2 points and $2,000 of closing costs. Brooke rolls the cost of all the refinancing into the new loan. How many months with the new refinance must pass before Brooke starts saving money with the new loan?
32 months
58 months
63 months
85 months
I don't know!



 

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