Posted on: 17th Sep, 2010 09:14 am
the original house price was 236,000 but we put 76,000 dollars down. therefore my original loan amount is for 160,000 at 5.25% on a 20 year fixed loan on a house we purchased in december 2004. my monthly payments currently are 1028 a month. i have the opportunity to refinance on the remaining 124,000 balance at a 15 year fixed rate of 3.85% with 1000 dollars in estimated fees in apr. my new estimated monthly payment would be about 910 dollars. is it worth it?
Hi PP,
If you're planning to stay in the property for the next 5-8 years, then it will be a good option to refinance the mortgage and take advantage of the low rate and monthly payment. However, if you're planning to move out of your property within the next 1-2 years, then you shouldn't refinance the loan.
Thanks
If you're planning to stay in the property for the next 5-8 years, then it will be a good option to refinance the mortgage and take advantage of the low rate and monthly payment. However, if you're planning to move out of your property within the next 1-2 years, then you shouldn't refinance the loan.
Thanks