[quote=ninaprincess]Original Balance: $352,000, 3.875%, 1655.23 payment.
Current Principal Balance $346,062
Loan Set up in March but I have made some small principal reductions.[/quote]
Your total loan would have $595884.43
Your monthly was 1655.23
So you’ve had this loan for 8 months.
It’s not going to be entirely accurate because you made small pricipal payments along the way.
You’re saving (over the life of the new 30 loan)
595884.43-553,858.13-$9046=
$32980.30 by refinancing, and also lowering your monthly by 116.23/month..
Assumption… The BIG assumption is you stay keep your home and pay off your loan … See, if you were to sell, say in 1-2 year, you might actually be worse off. Because that $9046 interest you paid went down the toilet. Also, you mentioned you refinanced before too. You also need to count how much interest you flushed down the toilet as a result of your first refinance….
Someone else can check my math.. Because i did this with a half brain and in a hurry.
