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re: Should I refinance?
Posted on 8/21/14 at 4:22 pm to LNCHBOX
Posted on 8/21/14 at 4:22 pm to LNCHBOX
I looked at an amortization table and the difference in interest (looking at just principal and interest) between the RD loan and the 15 year loan at 240k is almost 120k. That makes me want to refinance. Paying more each month with the same 4.25% at 30 year doesnt knock off near the same amount of interest as getting a lower rate at 15.
ETA: Im just not sure how PMI plays into all of this. FWIW the house appraised for 246k
ETA: Im just not sure how PMI plays into all of this. FWIW the house appraised for 246k
This post was edited on 8/21/14 at 4:23 pm
3
Posted on 8/21/14 at 7:12 pm to 1860pissed
to get the PMI off of your payments you need to have paid off at least 20% of the current appraisal of your house. If it is appraising at 246K, you would need to either put 50K down or have that much equity in the home at this point. If you are at that point, you will see a big dip in your payment soley by getting rid of the PMI.
Posted on 8/21/14 at 7:25 pm to 1860pissed
quote:
I looked at an amortization table and the difference in interest (looking at just principal and interest) between the RD loan and the 15 year loan at 240k is almost 120k. That makes me want to refinance. Paying more each month with the same 4.25% at 30 year doesnt knock off near the same amount of interest as getting a lower rate at 15.
This depends on how much more you pay per month.
Posted on 8/22/14 at 7:29 am to 1860pissed
PMI will kill you if you don't have 20% equity.
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