FLU..
You said that ‘total loan balance is 506,480″
Do you mean total payments over life of loan ?
Having a 15yr payment obligation may affect your ability to qualify for future loans (vs.a 30yr payment)
Many people have caused themselves hardship by getting 15yr loans in the past.
15yr payments vs 30yr payments are about ~50% more.
It doesn’t always make sense though.
** In the BIG PICTURE the value of time/money is not factored into the savings.
Saving $100 a month/$1200 yr/$18,000 over 15yrs
is not the same as paying the $100 more towards
your principal balance every month.
**THE TRUE SAVINGS of any refi is to pay the same payment that you are making now but at a lower interest rate, your compounded savings will be much greater, If you can afford it.
