Should I refinance?

[kfindley79]

Looking for everyone's input here...

Current mortgage -

226K @ 5.00% 30 year fixed

Current payment - 1462.00 (includes PMI, insurance, and taxes)

Proposed refi -

229K @ 4.125% 20 year fixed

Proposed payment - 1600.00 (includes PMI, insurance, and taxes)

Does this refi make since? Should I pay ~3K in closing to make this work? We do plan to stay in this house for 20 years +.

Thanks

 

[Coach]

Kristopher, it looks to me like you'll recoup closing costs in less than 2 years. I'd go for it.

Coach

 

[kfindley79]

Edit

Edit...

Just talked to the mortgage company and the closing would be 4K instead of the original 3K that I figured.

Not sure if this changes the recommendation(s).

Thanks