Ok, I’m crazy because I just refinanced about 2 months ago at 3.75%/15 year.
But, I think I want to refinance if a no cost/no fee 3.25 15 year is available. Dont think I can get it now, but will try…If so, it’s slightly over 100/month difference.
But assuming
417k/15yr at 3.75% = $545,853.17
417k/15yr at 3.25% = $527,423.18
My credit score is probably going to be dinged a little for doing this so quickly….Also, assuming I’m sort of making 4th extra payments (already made 2 and probably make another 3rd or 4th, probably wasted about $6k of interest payments)…
The prospective lender is supposedly needs me to prequalify and once I prequalify with credit check/etc I can decide to apply for the loan within 90 days (otherwise need to redo some of the papers/prequalify checks).
So what I’m thinking about doing is starting the pre-qual right now, and wait around for the 90 days to see if rates start to fall near 3.25. If so, then I do apply for the loan with a 30 day lock….Lender has apparently a 60 day lock too, but the rate will be about.25% higher.
Correction. The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. Also, there was cost on the first loan (i forget. Let’s just high estimate it being $5-6k)
So new loan would be $410k/15yr/3.25% total payments of $518,569.55
So i think the total savings over 15 years would be 22283.62
Also would give me an extra $100/month of breathing room.
Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)
Correction. The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. Also, there was cost on the first loan (i forget. Let’s just high estimate it being $5-6k)
So new loan would be $410k/15yr/3.25% total payments of $518,569.55
So i think the total savings over 15 years would be 22283.62
Also would give me an extra $100/month of breathing room.
Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)
Correction. The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. Also, there was cost on the first loan (i forget. Let’s just high estimate it being $5-6k)
So new loan would be $410k/15yr/3.25% total payments of $518,569.55
So i think the total savings over 15 years would be 22283.62
Also would give me an extra $100/month of breathing room.
Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)
Correction. The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. Also, there was cost on the first loan (i forget. Let’s just high estimate it being $5-6k)
So new loan would be $410k/15yr/3.25% total payments of $518,569.55
So i think the total savings over 15 years would be 22283.62
Also would give me an extra $100/month of breathing room.
Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)
