chasedream2002
Recycles dryer sheets
- Joined
- Oct 6, 2018
- Messages
- 64
I am wondering whether I should refinance my mortgage. Currently I have 3% 15 years and balance is 170k. I am planning to refinance it to 30 years at 3.5%. My monthly payment will be lowered from 1600/month to 800/month. This can reduce my total monthly expense from 4100 to 3300.
After mortgage refinance, my bare-bone budget can be covered by 4-5% of my investment. Should I refinance to reach FIRE quicker? My current job may end after a few months, but I think I can find a lower paid job after a few months. If my investment can cover my monthly expenses with 4-5% withdrawal, then it can reduce my stress significantly. After I get laid off, I will look for another job as soon as possible, but it gives me a peace of mind if I know 4-5% withdrawal can cover the bare bone monthly bills.
I will appreciate it if you guys can give some insights.
After mortgage refinance, my bare-bone budget can be covered by 4-5% of my investment. Should I refinance to reach FIRE quicker? My current job may end after a few months, but I think I can find a lower paid job after a few months. If my investment can cover my monthly expenses with 4-5% withdrawal, then it can reduce my stress significantly. After I get laid off, I will look for another job as soon as possible, but it gives me a peace of mind if I know 4-5% withdrawal can cover the bare bone monthly bills.
I will appreciate it if you guys can give some insights.