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re: Refinance gurus- I'm looking to refinance my mortgage- will it be worth it?
Posted on 3/9/15 at 9:13 pm to Ace Midnight
Posted on 3/9/15 at 9:13 pm to Ace Midnight
quote:
I would at least consider taking it down to 15 years and getting to 4% or lower (depending on current rates) - your payment will be close and you'll make 36 fewer,
This is my goal, even playing with the idea of going down to 10 years.
2
Posted on 3/9/15 at 9:26 pm to Weizenman
quote:
This is my goal, even playing with the idea of going down to 10 years.
If your original loan was about $90k for 30, then a refi to $70k at 4% for 15 years is going to be about $520 P&I, plus your escrow payment, which has to be within $10 - $15 of your current P&I.
Posted on 3/10/15 at 7:44 am to Weizenman
quote:
This is my goal, even playing with the idea of going down to 10 years.
I did some quick calculations at bankrate.com on their mortgage calculators and looked at the amortization table for the 30yr (you currently have at 5.5%) and the 15yr and 10yr tables at 4%.
Interest only on each loan in bold:
30yr (90k at 5.5%) - 40k (this is what you will pay over the last 18 years if you stay put).
15yr (70k at 4%) - 23k (monthly payment on principal and interest will stay in the 510-520 range)
10yr (70k at 4%)- 15k (monthly payment will go up 200 dollars).
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