Loan started in August of 2012 for $325k (on a $525k home).
20 year fixed at 3.375%
Monthly payment of $1,864 (not include RE tax escrow)
Currently balance is $229k with about 12.5 years remaining
I can get a 10 year fixed at 2.75% from Easthampton Savings, or Sikorsky Credit Union has a 12 year at 2.706% (which I could just pay down over 10 years by adding, I believe, $316/month, roughly on par with the Easthampton, but a lower rate and I have the option of not paying extra if I don't want to). Sikorsky claims their fees are under $1k for this Advantage mortgage: https://www.sikorskycu.org/Borrow/Loans ... e-Mortgage vs. $3k to $4k for Easthampton and most others I've contacted.
The Sikorsky 12 year is, in a sense, perfect, as it simply continues where I am now (12.5 years to go), but saves me over a half point on the interest rate. Monthly payment I believe is the same.
In any case, can someone please confirm for me what the savings are under the scenarios below? Sorry for asking for help with the math but I just keep getting different results when I run different calculators and try to update my spreadsheet...
- Keep existing loan but pay extra $100/month in Principal (easiest but least amount of savings)
- 12 year Sikorsky at 2.706%
- 12 year Sikorksy at 2.706% but paid down over 10 years which, I believe, requires an extra $316/month (slightly less than the Easthampton increase)
- Keep existing loan but pay extra $316/month (same monthly increase as Sikorsky would be, but I save on refi fees (which, again, aren't that high, but also saves me the hassles)