Posted on: 14th Jan, 2010 07:14 am
my goal is to pay off my house as soon as possible.
i have no other debts but the house, and am currently investing 12% in my 401k
i had a 20 year fixed at 5.875% on an original loan of $152k
i have 13.5 years left with a payment of around $1040 p+i.
should i refinance to a 10 year loan of the remaining 120k balance at 4.375% and $2200 in closing costs?
or just pay the same amount (+$200) and not refinance? i am having a hard time getting online calculators to figure this out...
thanks in advance
i have no other debts but the house, and am currently investing 12% in my 401k
i had a 20 year fixed at 5.875% on an original loan of $152k
i have 13.5 years left with a payment of around $1040 p+i.
should i refinance to a 10 year loan of the remaining 120k balance at 4.375% and $2200 in closing costs?
or just pay the same amount (+$200) and not refinance? i am having a hard time getting online calculators to figure this out...
thanks in advance
if $2200 is all you'd pay at closing, that's cheap. given that you'd save 1.5% in your interest rate, my opinion is to go for the refinance.