[quote=ninaprincess]If I still owe $348000 with 3.875% and $1655 monthly payment and refiance again at 3.375% and still making the same original payment of $1655 how many less # of payment will I make? Or how much of today’s money do I save? The math is too difficult. Do you have a program for this?[/quote]Need some additional info. What was the original principle (original amount you owed on the loan). How many years/months left on the loan? Anything else rolled into the payment? A quick calc came up with same that ‘flu’ at 1538.49/month on the new interest rate. I reran at the original interest rate of 3.875 and got a payment of $1636.43, so there is a discrepancy. Is the rate you are quoting calc’d as a year API or monthly interest cost? Anything else rolled in? I turned the calc around and calc’d how long the loan would last if you did a payment of $1655 at the new interest rate, and it was 26.6 years (would need to double check though).
