2007-07-07 19:49:29 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The answer depends on how long you have left on the loan. If you only have two years left, the total interest would be $873 on your current loan. Anything longer than that will save you money. Anything shorter than that means you will be paying less thatn $800.
If you want to figure this out yourself, go to www.bankrate.com and click on mortgage calculator. You can put the terms in (Years, Amount, Interest) and click on "Show Amortization Table"...you will then see how much you will pay each month, and the last square will show you how much interest and principal you are paying overall.
Hope this helps.
2007-07-07 19:59:29 · answer #1 · answered by E.T. Barton 5 · 0⤊ 0⤋
Don't waste your money on a refi, unless you need a large amount of cash taken out to pay off other debt.
If you are just refinancing the $9600, there are probably other fees too, it would be a very foolish decision if you are paying it off in 2 years.
If you have the $800 for that tax, send it to the lender now as an extra payment.
2007-07-08 03:46:31 · answer #2 · answered by CommonCents 4 · 0⤊ 1⤋
No, the $800 fee to refinance would more than eat up any savings you'd gain in two years from the lower interest rate.
2007-07-07 21:02:10 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Probably not if there are any loan fees at all like an appraisal fee. I don't know about any tax for refinancing it must be a state thing.
2007-07-07 20:15:32 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋