Well you pay more or less in interest?
the main cost will be the interest rate you'll pay on the new mortgage, You could get a lower rate after refinancing if you have a 30-year loan and haven't refinanced in awhile. However, if you're refinancing a recent 15-year loan, or if your credit has taken a hit, you may pay a higher rate. It could still make sense, though, depending on what you're using the extra cash for. a couple of ways to free up money from a refinance. One is with lower monthly payments, either because the interest rate is lower or because you're extending the loan term. The other is with a cash-out refinance, in which the mortgage company writes you a check for a lump sum. either two of this.
This is the story of one who comments,
Take it from someone who paid off their mortgage and has no debt. The feeling is incredible And the freedom. When that example, $1000 or $15000 or $2000 is not going to pay off the house, and it goes in your pocket, you can save it for your future or spend it now, your choice. I've had no such payments for 3 years now. And why I try to remain conservative in my spending, when I look over a list of new car and realize I could pay cash for many of them out of savings is a fantastic feeling. And the feelings I get when things do go wrong. A leak appeared in the water heater. Had someone came in and the estimate to replace it and clean up the area didn't faze me one bit. I charged it and then paid the bill in total when it came keeping my debt at zero. Not having all that debt over my head means a lot less stress in life.