If you are refinancing your current mortgage and not taking out any equity, refinance makes most sense if you can reduce your monthly payment, and if total amount paid (number of payments multiplied by monthly payment) after refinance is less than total amount to be paid on your current mortgage. If monthly payment is less than your current payment, but overall amount is greater, you must decide if paying less monthly outweighs increased amount you will need to pay. The opposite decision is required if your payment goes up but total amount due decreases. If in either of these situations, care must be taken and returns evaluated carefully to make best decision.

A caveat to above analysis is that amount refinanced must be equal to existing mortgage. If refinance amount exceeds amount currently due on mortgage then a much more complex analysis is needed. For this type of analysis, you will require a spread sheet with present value and amortization calculations. If you are not comfortable with these type of calculations, consult a financial advisor or accountant to assist with quantifying your decision.

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