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re: Should I refinance?
Posted on 8/21/14 at 7:47 pm to foshizzle
Posted on 8/21/14 at 7:47 pm to foshizzle
I dont have 50k equity into it so PMI would still be there. My PMI with the RD loan is less than $50 a month so even when it goes away, its not a huge decline.
Tiger4ever, how much would you suggest paying?
Thanks foshizzle. That does make sense. I guess its just tempting when you look at saving that much in interest over the life of the loan.
Tiger4ever, how much would you suggest paying?
Thanks foshizzle. That does make sense. I guess its just tempting when you look at saving that much in interest over the life of the loan.
2
Posted on 8/21/14 at 9:12 pm to 1860pissed
There's some mortgage calculators online that will show a side by side comparison of your current amortization table and one with extra payments. Looking at the comparison can help you determine what you want to do.
I would pay extra only what you are comfortable with though. Also realize that once you pay you cannot easily get it back out.
I would pay extra only what you are comfortable with though. Also realize that once you pay you cannot easily get it back out.
Posted on 8/22/14 at 12:10 am to 1860pissed
What he (^) said but if you allow yourself to back-slide on not paying the over-and-above amount down each month, human nature says you'll find something else to spend the money on monthly, and then the interest on the mortgage will fiscally eat you up.
Make a reasonable budget and stick to it.
Make a reasonable budget and stick to it.
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