Would it be worth it for us to refinance our 30 year mortgage from 6.875% to 5%, but bundle in $2500 closing?
Written By: admin on July 15, 2009
One Comment
00 closing costs would be added to the new mortgage. We’ve only been paying on the FHA loan for 2 years. Would the 1.875% drop in rates be worth it to refinance? How much could we save over years?
Thanks! Novice!
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It is probably worth it, depending on how long you plot on staying in the house. The payback time depends on how much you initially took out the mortgage for and how much is left. Sine you don’t provide that information, no one can generate an amortization table and figure out the monthly and total savings.