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pat_k

(9,313 posts)

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

Reply to VarryOn (Original post)

Thu Mar 19, 2020, 10:16 PM

Mar 2020

...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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While you're like me and shut in, take some time... [View all] 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