Should I refinance my current mortgage?
Current:
Mortage amount: 157,500$ (orignal amount 159,570$ in dec ‘07)
Interest Rate: 6.375% (conventional 30yr fixed)
Princ / Inter : 995$
PMI: 127$
New Proposal:
Interest Rate: 5.25% (25 yr FHA fixed)
Princip / Inter: 1002$
Mortgage Insurance: 75$
Closing Costs: 5400$
Prepaid Items: 4400$
New Loan ammount: 167,300$
Notes:
– Home appraisal: 170,000$
- My wife have 0$ debt outside of our mortgage because we have been paying the minimum on our mortgage to pay off all bills (credit cards, cars, loans). We are thinking of paying more towards our mortgage (~ 200-300$) extra, but wanted to see if it makes sense to refinance before we do.
Please advise.
Thanks.
- Oh yeah, my wife and I expect to stay in our house at least 15 years.
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No, it does not make sound financial sense to spend $5400 in closing costs to save $45 per month. It would take you ten years to break even.
Don’t do it. Just see if you can negotiate a lower interest rate without refinancing.