Posted on: 27th Jul, 2010 12:50 pm
we have 128000 left on our 30 year 5.375 mortgage of 200000. if we refinance, we will be paying $809 each month on the mortgage (+ 230 taxes and insurance). we currently will only be paying for about 22 more years because we pay 1334 each payment. if we get the 20 year loan and keep paying $1334 each month, i think we would be paying longer and more money than before. is this correct?
When you pay $1334 each payment, does the $1,334 include the $230 taxes and insurance??????????
If your mortgage started at $200,000 and rate is 5.375%, your required principal and interest payment is $1,119.94. Including the $230 in taxes and home insurance, you are required to pay $1,349.94. You are paying $1334 monthly??? That is less than your required payment.
What am I missing????????????????
If your mortgage started at $200,000 and rate is 5.375%, your required principal and interest payment is $1,119.94. Including the $230 in taxes and home insurance, you are required to pay $1,349.94. You are paying $1334 monthly??? That is less than your required payment.
What am I missing????????????????