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.

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4 replies	Author	Time	Post
While you're like me and shut in, take some time... (Original post)	VarryOn	Mar 2020	OP
Rates are low but I am seeing	marlakay	Mar 2020	#1
Compare total interest to be paid on remaining...	pat_k	Mar 2020	#2
It's not a 'for sure' thing for us...	VarryOn	Mar 2020	#3
depends on your costs and how long it takes to get them back thru the savings nt	msongs	Mar 2020	#4

Response to VarryOn (Original post)

Thu Mar 19, 2020, 10:08 PM

marlakay (9,064 posts)

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.

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Response to VarryOn (Original post)

Thu Mar 19, 2020, 10:16 PM

pat_k (9,290 posts)

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."

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Response to VarryOn (Original post)

Thu Mar 19, 2020, 10:19 PM

VarryOn (1,490 posts)

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.

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Response to VarryOn (Original post)

Thu Mar 19, 2020, 10:28 PM

msongs (60,274 posts)

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

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