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Good Morning - I was just wondering if I should refinance. The details are

Good Morning - I was just wondering if I should refinance. The details are as follows: Currently: 143k left on 30 year loan. 5.25%. And we're paying about 100 dollars over the mortgage against principal. ($1131 is payment, we pay $1250) Proposed: Going to a 15 year at 4.25% - bringing 8k to close and having $1310 payment a month. We'd like to stay in the house until it's paid off - I just hate paying interest :) I also want to know if it would be better to refinance - or just add another 75 bucks a month to the 30 year. I think that would take it down a few more years in duration - but we'd save more on the 15. Just wondering what your thoughts were. Thanks! Elijah B

Asked on 12:00 am May 5th 2011

Anonymous

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By refinancing to $143,000 mortgage at 4.25% you save about $13,700 over 15 years more than you would save if you add another $75 to the present payment, whihc is a payment you already add $100 to. So, refinance at 4.25% or less. You may be able to get 4.125% today.

Answered on 11:27 am May 5th 2011

jveenstra
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