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Assume you have a 5% 20-year mortgage for $100,000 with now 10 years to maturity (annual payments with exactly one year to the next payment).
Assume you have a 5% 20-year mortgage for $100,000 with now 10 years to maturity (annual payments with exactly one year to the next payment). A new mortgage is available at 3.5% with a refi fee of $3,000 including relevant prepayment penalties.
Should you refinance?
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