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Today you can refinance into a 20 year mortgage at 685 but

Five years ago you took out a 25 year mortgage at 7% for $150,000. Today you can refinance into a 20 year mortgage at 6.85%, but it will cost you $3000 in transaction costs to do so. Should you refinance your mortgage? Why or why not? If you were to refinance how much would it improve (or hurt) your wealth?

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