|reply to talz13 |
Re: Refinance mortgage after first year?
I did some more figuring on bankrate's calculator...
Figuring 3.34% for the new rate for 30 year, and a guesstimate of $3000 in closing costs (no earthly idea on that number though) give me a recoup time of almost 4 years, with $15k in interest savings.
New monthly payment: $ 617.10
Monthly savings: $ 64.65
Difference in interest: $ 15094.61
Total cost: $ 3000.00
Months to recoup costs: 46.40
Now it has me thinking, if I'm paying less in interest, that's less deduction on my taxes... Well I have a few appointments with some CPA's over the next week, I guess I'll add this on to my list of questions!