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04-18-2011, 06:26 PM
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Should I refinance my mortgage?
I have had a 30 yr fixed 392k mortgage for 4 years at 6.25% now down to 372k balance. I have an offer for another 30 yr at 4.87% starting at 378k after costs. payment would go from $2416 to $2001.Total yet to pay if I do nothing - $761,000. Total of payments with new mortgage - $720,360.It looks like I answered my own question, but would like some logic as to why I should or shouldn't. We have no plans to change homes anytime soon.Thanks
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