Thank you for the response. If I borrow an additional $4k for closing costs with a remaining principal at time of refinance of $1.01 million. Then: 1. I can continue to deduct the interest on the $1.01 million (adjusted proportionally to the old $1 million debt cap) for the remaining duration of the refinance loan. 2.

Pinpointing the exact amount that you need to save to retire comfortably is a difficult task — and reaching that goal is equally hard. According to the 2021 Planning and Progress Study by Northwestern Mutual, people surveyed believed they will need slightly more than $1 million — $1,047,200 — to retire comfortably, even as the average amount Americans have saved is a tick.