HELP - Should I Refinance??! - Posted by jim

Posted by Sean on November 19, 2002 at 14:46:01:

I calculate your payments on an 8 year 98000 loan at 7.25% to be $1,360.62 per month.

Payments on a $99,000 loan also for 8 years at 5.3% will be $1,267.52 per month resulting in a savings of $8,937.50 over the next 8 years.

Personally, however, I recommend that you seriously consider selling the property.

HELP - Should I Refinance??! - Posted by jim

Posted by jim on November 19, 2002 at 13:58:33:

I have 8 years left on a 7.25% 10 year loan ($98,000 remaining). The home is appraised about $150,000.

Now I can get a 5.3% on a 15 year loan, refinance costs will be about $1,000.

Should I refinace? I really want to pay the house off in 8 years. I guess I could just pay the 15 year loan off in 8 years? But will I be saving money doing that?

What’s the math?!

Thanks!