[quote=sdrealtor]thats called found money! dump it on the principal each month and reap the real rewards of what you just did.[/quote]
ITA. Especially since you probably extended the final payout day… (Assuming your old mortgage had some payments/years into it.)
When we refinanced last year our payment dropped by $700 for principal and interest… but the pay off date was extended another 6 years… (we were 6 years into a 15 year loan.) We’re taking that $700 and putting it as extra principal payments… we’ll be paid off more than a year earlier than if we hadn’t refi’d.
(And if the horrible happens – where both hubster and I lose our jobs, our obligated payment is much lower, so we can make that till we find work.)
