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re: Another question regarding paying down your mortgage...
Posted on 10/5/12 at 2:56 pm to OnTheBrink
Posted on 10/5/12 at 2:56 pm to OnTheBrink
Id refi. The grand u pay extra a year would help a lot in a 15 year refi., the bigger note but saving a ton on interest.
2
Posted on 10/5/12 at 5:56 pm to lsufan112001
Man this poster is in the same situations as me. 1100 for 30 yrs at 5% but not a OT baller to pay am extra grand on principle. But I have my mortgage paid a head for 6 months. But I pay and extra 300 towards principle. I have been in home since 2009 and I am wondering if I should refi. And what wud happen w that cushion that I have created for paying ahead. Tia.
Posted on 10/5/12 at 11:16 pm to lsufan112001
quote:
Id refi. The grand u pay extra a year would help a lot in a 15 year refi., the bigger note but saving a ton on interest.
Definitely refi, but you aren't saving anything on 15 vs. 30.
If you have the cash to pay off the higher monthly payment that a 15 year requires consider that your ROI on the difference is ... about 1.5%. And that doesn't even account for inflation. That is incredibly poor.
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