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: Reduces the total amount of interest paid over time.
: Allows you to pay off high-interest debts using home equity.
: Determine if you want a lower payment or a shorter term.
Calculate the break-even point by dividing the total closing costs by your monthly savings. For example, if closing costs are $3,000 and you save $100 a month, you must stay in the home for 30 months to recover the costs.
: Starting a new 30-year term extends your total debt period.
: If your home value has dropped, you might not qualify. Key Considerations
