Enter the amount you financed (the total amount of the loan) on the day you started the new refinanced loan.
According to the IRS:
"Box 2. Outstanding Mortgage Principal Enter the amount of outstanding principal on the mortgage as of January 1, 2019. If you originated the mortgage in 2019, enter the mortgage principal as of the date of origination. If you acquired the mortgage in 2019, enter the outstanding mortgage principal as of the date of acquisition."
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