Posted on: 03rd Mar, 2011 05:36 pm
i have a 30 yr loan (commenced jan 2004) at 5.97% - amount was $189,500.
balance is now $169,500 with 23 yrs remaining. home values in my area have come down, like most areas. to refi to 15 yr loan i would need to push loan amount up to $178,000 to cover the cost of refi. i fear my assessment may come in at $200k - $220k and require pmi. i have excellent credit scores and good income with some available extra cash. my concern is should i go through the trouble of refi to get the loan down to 15 from 23 or what cash would i have to pay under the current loan to buy the term down to 15 yrs. can't find a mortgage calculator on line to help me with this.
balance is now $169,500 with 23 yrs remaining. home values in my area have come down, like most areas. to refi to 15 yr loan i would need to push loan amount up to $178,000 to cover the cost of refi. i fear my assessment may come in at $200k - $220k and require pmi. i have excellent credit scores and good income with some available extra cash. my concern is should i go through the trouble of refi to get the loan down to 15 from 23 or what cash would i have to pay under the current loan to buy the term down to 15 yrs. can't find a mortgage calculator on line to help me with this.
hi guest!
welcome to forums!
if you're planning to stay in the property for a longer period of time, then it will be a good option to refinance the mortgage. with time, you'll be able to offset the closing costs. however, if you don't want to stay in the property for a longer period of time, then you can pay extra amount towards the mortgage and avoid refinancing the loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you're planning to stay in the property for a longer period of time, then it will be a good option to refinance the mortgage. with time, you'll be able to offset the closing costs. however, if you don't want to stay in the property for a longer period of time, then you can pay extra amount towards the mortgage and avoid refinancing the loan.
feel free to ask if you've further queries.
sussane
try [Link details removed]...They have excellent calculators. You want to look at the break even point for the closing costs/savings...This will give you the montly time frame it will take to break even by refinancing. Good luck
[Link Details removed as per forum rules. Thanks.]
[Link Details removed as per forum rules. Thanks.]
Should i refinance or not - You should use the calculators mentioned in this site for getting an answer to your query. To be more precise, here is the link for the calculator which will let you decide for yourself mortgagefit.com/calculators/consolidate-refinance.html
Hope it helps
Hope it helps