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Refi or pay more monthly
Posted on 10/16/20 at 1:53 pm
Posted on 10/16/20 at 1:53 pm
Can someone explain this to me, I’ve been looking at mortgage rates. I have 25 years left on mortgage. If a 20year refi note would raise my payment an extra $100/month, I presume it would be better to keep my current note.
And then proceed to just pay an extra 100/month on current note instead of going to the 20 year with even if the interest rate is lower.
And then proceed to just pay an extra 100/month on current note instead of going to the 20 year with even if the interest rate is lower.
5
Posted on 10/16/20 at 2:03 pm to CantSpelGood
did you factor in closing cost also?
Posted on 10/16/20 at 2:29 pm to CantSpelGood
You need to pull up a couple of amortization charts and compare the two scenarios (and yes, be sure to include closing costs for the 20 year loan). Just google "extra payment amortization table" and you should be able to find what you need to make a good decision.
Posted on 10/16/20 at 2:37 pm to CantSpelGood
3 easy questions:
What is your current interest rate and balance?
What would the new interest rate and loan amount be?
How long do you plan on being in the home?
If you are planning on staying in the home 2+ years, you are usually better off refinancing at today's rates.
What is your current interest rate and balance?
What would the new interest rate and loan amount be?
How long do you plan on being in the home?
If you are planning on staying in the home 2+ years, you are usually better off refinancing at today's rates.
Posted on 10/16/20 at 2:52 pm to damnlambert
I’m aware of them which I was I am hesitant to go forward with a refi.
Posted on 10/16/20 at 10:04 pm to CantSpelGood
How long are you going to be in the home?
If you are expecting to payoff in 15 to 20 years, why wouldn't you take the lower rate?
If you are expecting to payoff in 15 to 20 years, why wouldn't you take the lower rate?
Posted on 10/17/20 at 11:01 am to CantSpelGood
quote:
You need to pull up a couple of amortization charts and compare the two scenarios (and yes, be sure to include closing costs for the 20 year loan). Just google "extra payment amortization table" and you should be able to find what you need to make a good decision.
This
Posted on 10/18/20 at 10:40 am to CantSpelGood
if you want to pay more that is fine but do it with a HELOC or a PLOC using velocity banking guidelines. protects you when life happens and gives you liquidity which you do not have with extra principal once paid to mortgage company.
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