Mortgage balance at the lower rate for same maturity date

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Reference no: EM13875208

Consider a 30-year, $140,000 mortgage with a rate of .0620 percent. Thirteen years into the mortgage, rates have fallen to 5 percent. What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate for the same maturity date?

Reference no: EM13875208

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