With the refinance, you’d be extending the current term of your mortgage from 68 months to 120 months, or 10 years. Even though th#&1re82e7;s a substantial drop in the interest rate, you won’t save on interest expense because of the loan extension. The numbers below tell the tale.

With the refinance, you’d be extending the current term of your mortgage from 68 months to 120 months, or 10 years. Even though th#&1re82e7;s a substantial drop in the interest rate, you won’t save on interest expense because of the loan extension. The numbers below tell the tale.