Posted on: 03rd Aug, 2010 03:48 pm
i currently have a 15 year, fixed rate mortgage at 4.875% and have made 8 monthly payments of $1727.02. i can refinance the balance of $212,584.98 at 3.875%, with anticipated costs of $2375.00. what is my actual savings on the refinance. your calculation form does not take into consideration the payments already made, reducing the term of the original loan to 14 years, 4 months while the refinance term would be the full 15 years
Hi dfc,
I guess you used the wrong calculator in order to calculate the dues. You can use the given calculator to know how much your net interest savings would be:
http://www.mortgagefit.com/calculators/refinance.html
I guess you used the wrong calculator in order to calculate the dues. You can use the given calculator to know how much your net interest savings would be:
http://www.mortgagefit.com/calculators/refinance.html
If you finance the closing costs and do a new 15 year mortgage at 3.875% your monthly payment will be $1,576.89 and for 180 payments you will pay $283,841
You made 8 payments. Let's say you make two more by the time you close. You will then have 170 payments left at $1,727 and will pay $293,590.
Comparing life left of both loans, you save $9,749 by refinancing.
You made 8 payments. Let's say you make two more by the time you close. You will then have 170 payments left at $1,727 and will pay $293,590.
Comparing life left of both loans, you save $9,749 by refinancing.
