Deciding whether or not you should refinance your home mortgage depends upon several factors. It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.
To understand better, let's look at an example. If your original 0 year loan was for $0.00 with a 0.000% interest, and you have already paid on it for 0 months, it will reduce your monthly payment if you refinance for a new 0 year period but with a 0.000% interest rate.
If your Federal tax rate is 0.000% and your state tax rate is 0.000%, you were probably paying $0.00 per month toward your home. When you refinance at the new rate, you will pay $0.00 instead, but your tax benefits will also be affected by this change.
The bottom line is:
- your tax savings will be $0.00 more (bigger tax benefit is better)
- your remaining balance will be $0.00 less because you will pay more toward your mortgage principal (lesser principal is better)
- closing your refinancing process will cost you $0.00
Summing up these numbers, we can figure out your total refinancing BENEFIT, which will be $0.00.