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09-24-2011, 04:28 PM
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is it worth to refinancing my mortgage from
30yr to 15yr? Amount left $199000 current rate 30yr fixed at 5% with 28yrs left . New loan when refinance to a 15yr 3% mortage. currently monthy payment $1050/mo new payment $1450/moIt pretty much comes out to $400 more to be done 13yrs earlier or is it better to save the money and invest it elsewhere. This is more of a financial/investment question. assuming i will keep the home for atleast 10yrs or more
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09-24-2011, 07:27 PM
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Remember, you will be charged fees to refinance! May not be worth it. But here is an idea! Just pay more each month on your current mortgage. This would be like paying for a 15 year mortgage WITHOUT the costs of refinancing. Then you will still have the freedom to not pay extra if you can't one month, or even pay much more! This way you chip away at the 30 years on your terms. There should be no prepayment penalty. So, you could still pay off the current mortgage in 15 years if you just pay enough extra on your current mortgage. Heck you may even pay it off in 10 years if you paid extra enough. Again, no REFINANCING fees to pay this way!
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