Posted on: 15th Nov, 2010 02:35 am
we owe $283,000 at 5.8% on a 30 year. plan on paying it off within 1-3 years. however, should we refinance now paying down $200,000 at 4.3% with 5k in closing costs (investment property) of just pay off $200,000 to the existing loan.
if we pay down the existing loan, with 80k remaining, what is the monthly interest 5.8%
if we pay down the existing loan, with 80k remaining, what is the monthly interest 5.8%
If you plan to stay in the property for a long period of time, then it is a good option to refinance the mortgage and take advantage of the lower rates.
Using the FRM calculator, if you have $80k balance with 5.8% interest rate and for a term of 30 years, then your monthly payment will be $ 469.4.
Using the FRM calculator, if you have $80k balance with 5.8% interest rate and for a term of 30 years, then your monthly payment will be $ 469.4.