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CBad
ParticipantUh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.
ParticipantUh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.
ParticipantUh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.
ParticipantUh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.
ParticipantUh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.
ParticipantNO cost re-fi? Is there really such a thing? Aren’t you always paying something? If there truly is a no-cost one, please share your info.
Also, doesn’t it really depend on how much you owe? .25% on 50K is a whole lot different than on 500K. If your loan is a relatively low amount it would take more percentage difference to make up for the cost of the re-fi (which I’ve always thought was around 3K in total costs), especially if you took the money you would have spent to re-fi and applied it to the principal of the loan instead.
ParticipantNO cost re-fi? Is there really such a thing? Aren’t you always paying something? If there truly is a no-cost one, please share your info.
Also, doesn’t it really depend on how much you owe? .25% on 50K is a whole lot different than on 500K. If your loan is a relatively low amount it would take more percentage difference to make up for the cost of the re-fi (which I’ve always thought was around 3K in total costs), especially if you took the money you would have spent to re-fi and applied it to the principal of the loan instead.
ParticipantNO cost re-fi? Is there really such a thing? Aren’t you always paying something? If there truly is a no-cost one, please share your info.
Also, doesn’t it really depend on how much you owe? .25% on 50K is a whole lot different than on 500K. If your loan is a relatively low amount it would take more percentage difference to make up for the cost of the re-fi (which I’ve always thought was around 3K in total costs), especially if you took the money you would have spent to re-fi and applied it to the principal of the loan instead.
ParticipantNO cost re-fi? Is there really such a thing? Aren’t you always paying something? If there truly is a no-cost one, please share your info.
Also, doesn’t it really depend on how much you owe? .25% on 50K is a whole lot different than on 500K. If your loan is a relatively low amount it would take more percentage difference to make up for the cost of the re-fi (which I’ve always thought was around 3K in total costs), especially if you took the money you would have spent to re-fi and applied it to the principal of the loan instead.
ParticipantNO cost re-fi? Is there really such a thing? Aren’t you always paying something? If there truly is a no-cost one, please share your info.
Also, doesn’t it really depend on how much you owe? .25% on 50K is a whole lot different than on 500K. If your loan is a relatively low amount it would take more percentage difference to make up for the cost of the re-fi (which I’ve always thought was around 3K in total costs), especially if you took the money you would have spent to re-fi and applied it to the principal of the loan instead.
ParticipantRumor has it that you have to make less than 85k if you’re single or 110k if you’re married in order to qualify. A fair number of Pigg’s readers will be excluded.
Boooooooo.
Actually I don’t care. I think this handout is a bad idea and won’t make any difference. But if they are giving out $1500 I want my cut too! They really penalize you for living in a HCOL area.
ParticipantRumor has it that you have to make less than 85k if you’re single or 110k if you’re married in order to qualify. A fair number of Pigg’s readers will be excluded.
Boooooooo.
Actually I don’t care. I think this handout is a bad idea and won’t make any difference. But if they are giving out $1500 I want my cut too! They really penalize you for living in a HCOL area.
ParticipantRumor has it that you have to make less than 85k if you’re single or 110k if you’re married in order to qualify. A fair number of Pigg’s readers will be excluded.
Boooooooo.
Actually I don’t care. I think this handout is a bad idea and won’t make any difference. But if they are giving out $1500 I want my cut too! They really penalize you for living in a HCOL area.
ParticipantRumor has it that you have to make less than 85k if you’re single or 110k if you’re married in order to qualify. A fair number of Pigg’s readers will be excluded.
Boooooooo.
Actually I don’t care. I think this handout is a bad idea and won’t make any difference. But if they are giving out $1500 I want my cut too! They really penalize you for living in a HCOL area.
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