Tales of a refinance, part 2….

[Coronita]

Correction. The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. Also, there was cost on the first loan (i forget. Let’s just high estimate it being $5-6k)

So new loan would be $410k/15yr/3.25% total payments of $518,569.55

So i think the total savings over 15 years would be 22283.62
Also would give me an extra $100/month of breathing room.

Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)

[as]

If it does not cost you anything and you can save more than 20k, why not!
I just locked in 15 year fixed at 3.625% and will pay $300 closing. If later I can get 3.25% or lower, I will do it again. It is hard to do the market timing, but I will get whatever I can now. If the rate goes lower and costs you nothing later,go for it!

[as]

If it does not cost you anything and you can save more than 20k, why not!
I just locked in 15 year fixed at 3.625% and will pay $300 closing. If later I can get 3.25% or lower, I will do it again. It is hard to do the market timing, but I will get whatever I can now. If the rate goes lower and costs you nothing later,go for it!

[as]

If it does not cost you anything and you can save more than 20k, why not!
I just locked in 15 year fixed at 3.625% and will pay $300 closing. If later I can get 3.25% or lower, I will do it again. It is hard to do the market timing, but I will get whatever I can now. If the rate goes lower and costs you nothing later,go for it!

[as]

If it does not cost you anything and you can save more than 20k, why not!
I just locked in 15 year fixed at 3.625% and will pay $300 closing. If later I can get 3.25% or lower, I will do it again. It is hard to do the market timing, but I will get whatever I can now. If the rate goes lower and costs you nothing later,go for it!

[as]

If it does not cost you anything and you can save more than 20k, why not!
I just locked in 15 year fixed at 3.625% and will pay $300 closing. If later I can get 3.25% or lower, I will do it again. It is hard to do the market timing, but I will get whatever I can now. If the rate goes lower and costs you nothing later,go for it!

[ucodegen]

Damn, now see what you did.. I got curious and had to run the numbers. What I got:

Principal Rate Monthly Total
$417,000 3.75% $3032.52 $545853.17
$410,000 3.75% $2981.61 $536690.16
$410,000 3.25% $2880.94 $518569.55


On the first loan, you already paid $12,130.08 of the total leaving $533,723.09 of remaining payments. The new loan if started at this point would mean $518569.55 of total pending payments, and $151.58 less on the monthly.
Total diff on the total paid is $15,153.54.

This does not include any PMI, service charge, bribe to the local constabulary.. etc.

[ucodegen]

Damn, now see what you did.. I got curious and had to run the numbers. What I got:

Principal Rate Monthly Total
$417,000 3.75% $3032.52 $545853.17
$410,000 3.75% $2981.61 $536690.16
$410,000 3.25% $2880.94 $518569.55


On the first loan, you already paid $12,130.08 of the total leaving $533,723.09 of remaining payments. The new loan if started at this point would mean $518569.55 of total pending payments, and $151.58 less on the monthly.
Total diff on the total paid is $15,153.54.

This does not include any PMI, service charge, bribe to the local constabulary.. etc.

[ucodegen]

Damn, now see what you did.. I got curious and had to run the numbers. What I got:

Principal Rate Monthly Total
$417,000 3.75% $3032.52 $545853.17
$410,000 3.75% $2981.61 $536690.16
$410,000 3.25% $2880.94 $518569.55


On the first loan, you already paid $12,130.08 of the total leaving $533,723.09 of remaining payments. The new loan if started at this point would mean $518569.55 of total pending payments, and $151.58 less on the monthly.
Total diff on the total paid is $15,153.54.

This does not include any PMI, service charge, bribe to the local constabulary.. etc.

[ucodegen]

Damn, now see what you did.. I got curious and had to run the numbers. What I got:

Principal Rate Monthly Total
$417,000 3.75% $3032.52 $545853.17
$410,000 3.75% $2981.61 $536690.16
$410,000 3.25% $2880.94 $518569.55


On the first loan, you already paid $12,130.08 of the total leaving $533,723.09 of remaining payments. The new loan if started at this point would mean $518569.55 of total pending payments, and $151.58 less on the monthly.
Total diff on the total paid is $15,153.54.

This does not include any PMI, service charge, bribe to the local constabulary.. etc.

[ucodegen]

Damn, now see what you did.. I got curious and had to run the numbers. What I got:

Principal Rate Monthly Total
$417,000 3.75% $3032.52 $545853.17
$410,000 3.75% $2981.61 $536690.16
$410,000 3.25% $2880.94 $518569.55


On the first loan, you already paid $12,130.08 of the total leaving $533,723.09 of remaining payments. The new loan if started at this point would mean $518569.55 of total pending payments, and $151.58 less on the monthly.
Total diff on the total paid is $15,153.54.

This does not include any PMI, service charge, bribe to the local constabulary.. etc.

[ucodegen]

[quote flu]The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. [/quote]
Remember that you are effectively a ‘home renter’ until paid off. Considering that ($7k/$12.2k) = 57.4% of payments went to paying off principal, that is not too bad. Usually on the first few years of a mortgage, the payoff of principal is less than 30% of the monthly payment.

[quote flu]Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)[/quote]
I’m at my Engineering job.. so my brain doesn’t amortize right now. I have the formulas and a financial calc at home. If no-one answers, I’ll run the numbers from home.

[ucodegen]

[quote flu]The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. [/quote]
Remember that you are effectively a ‘home renter’ until paid off. Considering that ($7k/$12.2k) = 57.4% of payments went to paying off principal, that is not too bad. Usually on the first few years of a mortgage, the payoff of principal is less than 30% of the monthly payment.

[quote flu]Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)[/quote]
I’m at my Engineering job.. so my brain doesn’t amortize right now. I have the formulas and a financial calc at home. If no-one answers, I’ll run the numbers from home.

[ucodegen]

[quote flu]The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. [/quote]
Remember that you are effectively a ‘home renter’ until paid off. Considering that ($7k/$12.2k) = 57.4% of payments went to paying off principal, that is not too bad. Usually on the first few years of a mortgage, the payoff of principal is less than 30% of the monthly payment.

[quote flu]Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)[/quote]
I’m at my Engineering job.. so my brain doesn’t amortize right now. I have the formulas and a financial calc at home. If no-one answers, I’ll run the numbers from home.

[ucodegen]

[quote flu]The second loan technically won’t be at $417k, since approximately 4 payments already were made, so principal paid will be approximately $7k , and interest payments of $5200 thrown in the trash. [/quote]
Remember that you are effectively a ‘home renter’ until paid off. Considering that ($7k/$12.2k) = 57.4% of payments went to paying off principal, that is not too bad. Usually on the first few years of a mortgage, the payoff of principal is less than 30% of the monthly payment.

[quote flu]Can someone check my math? (I suck at basic math…I can only do Fourier Transforms and FFT’s….Seriously)[/quote]
I’m at my Engineering job.. so my brain doesn’t amortize right now. I have the formulas and a financial calc at home. If no-one answers, I’ll run the numbers from home.

[Author]

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