Posted on: 09th Jun, 2010 03:26 pm
hi i would like to refinance our home from 5.75 to 4.875.... good faith estimate closing cost is 2951.... my monthly payment now is 569... it will go up to 583 because i will get a cash out to buy a used car (we need one, it is a necessity).... we can afford for the payment to go up a little bit($20 dollar or below) but we cannot afford to get a separate loan to buy the car. my question is, is it worth it to do it that way... to refinance.... and by the way we are going to be staying in our house until we are old and gray... thanks alot.
A principal and interest payment of $583 (not sure if that includes taxes or not) for a 30 year loan at 4.75% would be a mortgage of about $110,150.
However, it does not matter. You said you must have a car and there is no other way to get it. The rate is lower than you have now.
What would be your question? If you did not need the car or had some other way of getting it, you could compare options. You have no other way and no other option and rate is lower. Just do it.
However, it does not matter. You said you must have a car and there is no other way to get it. The rate is lower than you have now.
What would be your question? If you did not need the car or had some other way of getting it, you could compare options. You have no other way and no other option and rate is lower. Just do it.
