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Is there a way to calculate when it is viable to refinance a mortgage?

You can try the easy math in your head.

For every 1 percentage point drop on a 250k loan, you will save 2500 a year, or about 208 a month.

If it costs you 5k to refinance your loan, and you get a 1% drop on your rate, you will get your refinance investment back in about 2 years.
If it costs you 5k to refinance your loan, and you get a 2% drop on your rate, you will get your refinance investment back in about 1 year.
 
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