refinance second home

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dmk395
Posts: 92
Joined: Sat Dec 30, 2017 9:13 am

refinance second home

Post by dmk395 »

Original loan $173k. 4.125% $838 month payment roughly

Current balance with a bit less than 3 years into the 30 yr loan balance is $159,800

Got an offer to refinance today at 3.675% with 2500 in closing costs. I'd save $100 per month. I've been accelerating payments, but I always like saving money monthly.

Make any sense to refinance? I plan to keep the place for awhile.
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RickBoglehead
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Joined: Wed Feb 14, 2018 9:10 am
Location: In a house

Re: refinance second home

Post by RickBoglehead »

Calculate your breakeven. https://www.bankrate.com/calculators/mo ... lator.aspx

Many find zero cost loans.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
Flyer24
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Re: refinance second home

Post by Flyer24 »

Topic moved to Personal Finance.
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