Posted on: 03rd Nov, 2010 07:14 am
i have 262 payments remaining on a 30 year 5.375% loan. current balance is 98,000. i can refinance at 4.375% on a new 30year loan. if i pay the minimum monthly, am i spending more overall?
Hi serpico
Welcome to mortgage fit
Your monthly payment could be reduced if you refinance with the above mentioned rates but if you compare it in long term over a 30 yrs period you would have to pay $13000 extra in interest only. (provided you won't again refinance and interest rates are fixed for 30 yrs to come)
In this website mortgage calculators are also available and you can use them to find out the suitable deal for you.
Feel free to ask any further query if you have.........
DIPA
I
Welcome to mortgage fit
Your monthly payment could be reduced if you refinance with the above mentioned rates but if you compare it in long term over a 30 yrs period you would have to pay $13000 extra in interest only. (provided you won't again refinance and interest rates are fixed for 30 yrs to come)
In this website mortgage calculators are also available and you can use them to find out the suitable deal for you.
Feel free to ask any further query if you have.........
DIPA
I