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jack b
Gone Fishing
Premium,MVM
join:2000-09-08
Cape Cod
kudos:1
reply to talz13

Re: Refinance mortgage after first year?

If you can swing the higher monthly payment switch to a 15 year loan and save a ton of interest money.

guppy_fish
Premium
join:2003-12-09
Lakeland, FL
kudos:3
Reviews:
·Verizon FiOS

1 recommendation

said by jack b:

If you can swing the higher monthly payment switch to a 15 year loan and save a ton of interest money.

No need to refi to do that, simply calculate the amount due for a 15 vs 30 year and include that as extra Principal every month in your current mortgage payment ... No need to refi and its additional costs

The extra $$ in the current payment also gives you the flexibility, if you for some reason can't swing the higher payment, you not going to go into default .. its a win win


carp
Rejected

join:2002-10-30
said by guppy_fish:

said by jack b:

If you can swing the higher monthly payment switch to a 15 year loan and save a ton of interest money.

No need to refi to do that, simply calculate the amount due for a 15 vs 30 year and include that as extra Principal every month in your current mortgage payment ... No need to refi and its additional costs

The extra $$ in the current payment also gives you the flexibility, if you for some reason can't swing the higher payment, you not going to go into default .. its a win win

Exactly what I do. If I can keep it up at my current pace I will avoid ~$200K in interest.