HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » While you're like me and ...

Thu Mar 19, 2020, 10:04 PM

While you're like me and shut in, take some time...

To look into whether a refi on your mortgage makes sense. My back-of-the-envelope analysis shows I'd net approx.$68 a month in extra cashflow. Maybe worth it. Might be a good use for the check we'll be getting...supposedly.

Anyway, a thought.

4 replies, 711 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply While you're like me and shut in, take some time... (Original post)
VarryOn Mar 2020 OP
marlakay Mar 2020 #1
pat_k Mar 2020 #2
VarryOn Mar 2020 #3
msongs Mar 2020 #4

Response to VarryOn (Original post)

Thu Mar 19, 2020, 10:08 PM

1. Rates are low but I am seeing

Large refinance fees like $2300 or more. I checked into it and we already have 4.1 and bank giving out 3.9 for regular loans.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to VarryOn (Original post)

Thu Mar 19, 2020, 10:16 PM

2. Compare total interest to be paid on remaining...

...vs. total interest over life of the new loan. Even with lower interest rate and lower monthly payment, you can "lose" in the long run.

Remember, in the initial years of a loan, very little of your payment goes toward paying down principle. If you are several years into repayment, you are paying more toward principle each month. Not always beneficial to "start over."

Reply to this post

Back to top Alert abuse Link here Permalink


Response to VarryOn (Original post)

Thu Mar 19, 2020, 10:19 PM

3. It's not a 'for sure' thing for us...

But definitely something I'm exploring. Might take a few weeks for rates to settle down.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to VarryOn (Original post)

Thu Mar 19, 2020, 10:28 PM

4. depends on your costs and how long it takes to get them back thru the savings nt

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread