Good for you and I hope your health improves 100%. Do you think it will go below 3%? That would be lower than the 1950’s I believe.[/quote]
I really don’t know….But I don’t think realistically I can save much more from a refinance.
I did a rough calculation on how much more I could save, and it’s pretty much hitting the floor.
@3.375%, monthly is 2814 and total would be $506,479.79
@3.000%, monthly is 2742 and total would be $493,489.64
@2.500%, monthly is 2647 and total wound be $476,487.57
So unless rates plummet below 2%, I think I’ve hit the near bottom on my savings. And i reallly don’t want rates to go below 2 because if that happens, you know our economy really is in trouble.
I think I’m probably early and wouldn’t be surprised if I waited 2-3 months and see a 3 1/8% no fee/no cost, but I really don’t have time to deal with this in 2-3 months. I’m usually off in my timing about about 1-2 months being too early. So use that as a frame of reference.
The other thing I was thinking about was refinancing into a 30year, taking cash out , and turning this into a rental. It’s almost doable, with a sub 4% 30 year fixed. However, at this point, I don’t know what my health is going to look like in a few years, and I’d rather have my primary paid off, in case I need to work less or need to not work at all and live off of interest/dividend/etc. So essentially I chickened out and kept with the 15, with the intent to pay it off in 10 or less. I’ll be making the same payments on my current loan to my new loan…
