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Should I refinance?
Old 10-28-2010, 07:39 AM   #1
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Should I refinance?
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
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Old 10-28-2010, 07:46 AM   #2
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Kristopher, it looks to me like you'll recoup closing costs in less than 2 years. I'd go for it.

Coach
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Old 10-28-2010, 08:07 AM   #3
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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
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