My current loan is 3.375 and I’m about 7 months into it.
I paid a total interest of $7703 on the existing loan. My outstanding balance is 386037. My total loan balance is 506480 (including the 7 months I already paid).
The new loan would cost $3253.
I haven’t been able to find a 3% no point/no cost loan. Most start at 3.125 or 3.25% no fee/no cost.
Assumption is that regardless of whether I have a trade me up home in the future or not, this home will not be sold with 20 years. In other words, it’s going into my estate.
Edit. I posted a spreedsheet and just realized I goofed. Hang on…
Ok math gurus… I suck at this (yes, I’m an enginerd, but a lot of enginerds suck at practical math)..
