Best Answer by cbmttek

You owe $90K on a 9.25% loan and are asking if you should refinance? YES, YES, YES. Your currently paying around $693 a month in interest. Current mortgage rates are around 6.25%. A 3% savings. At 6.25% your monthly interest would be around $468. We are looking at a savings every month of about $225. The general rule is if it takes more then two years to see a return from the refinancing, you should step back and reconsider the expense. In your case, refinancing would probably cost around $1000, which you would start seeing a return in 5 months. Refinance, get rid of that 9.25% interest, and start saving a ton of money in interest. ... See all 8 answers