We have a 30 year fixed mortgage at 5.99. We are two years into it and have paid it down 50%. With rates as high as they were, my plan was to just pay it off in 4-6 years or less.
I got an email today and Chase and BoA were offering some pretty attractive rates on 10 and 15 year mortgages (if you move assets over) that would drop us by an entire percentage point or more. Chase is offering a 10 year refi at 4.875. The up front costs are about $3,800. BoA was around 5.2% on a 15 year, and up front costs were about $3,200.
I'm waiting to hear back from my bank on a rate modification they offer, but it would be down to 5.35%, keeping the term the same.
Is there an easy way to calculate if doing a refi makes sense or if I should just keep paying the current loan down?
I got an email today and Chase and BoA were offering some pretty attractive rates on 10 and 15 year mortgages (if you move assets over) that would drop us by an entire percentage point or more. Chase is offering a 10 year refi at 4.875. The up front costs are about $3,800. BoA was around 5.2% on a 15 year, and up front costs were about $3,200.
I'm waiting to hear back from my bank on a rate modification they offer, but it would be down to 5.35%, keeping the term the same.
Is there an easy way to calculate if doing a refi makes sense or if I should just keep paying the current loan down?
Statistics: Posted by NYCaviator — Tue Sep 17, 2024 7:29 pm — Replies 0 — Views 28