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Crikker

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Crikker

Re: sts66 post# 267077

Friday, 04/17/2020 5:35:52 PM

Friday, April 17, 2020 5:35:52 PM

Post# of 426033
It would still make sense to refi if the interest rate differential was great enough. If you had a mortgage with $100k left and were paying $2k/month @ 5%. Refi to 3%, but keep paying $2k/month and you’ll probably pay the mortgage off in 5.5 years instead of the 7 remaining, saving 18 payments or $36k.

This is hypothetical as I don’t have my financial calculator with me to give you real numbers. I’m guessing my savings are overstated but you get the idea how it would work.
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