Should You Refinance Your Mortgage?

iVillage Member
Registered: 01-29-2009
Should You Refinance Your Mortgage?
8
Tue, 06-02-2009 - 3:23pm

Everyone these days is jumping on the “mortgage refinance” bandwagon.

iVillage Member
Registered: 01-25-2009
Tue, 06-02-2009 - 3:53pm

There are different kinds of refinancing.

iVillage Member
Registered: 03-27-2005
Tue, 06-02-2009 - 4:41pm

We just went from 25 year fixed at 6.5% to a 25 year fixed at 4.87%

iVillage Member
Registered: 01-25-2009
Tue, 06-02-2009 - 5:51pm

That sounds like a great deal! 

I also like to add my home is not exactly my biggest investment I ever made as claimed by the original poster.  Over the years I spent more on tuition and training and other educational expenses than on my humble dwelling.

 




Edited 6/2/2009 6:33 pm ET by marie_1229
iVillage Member
Registered: 01-29-2009
Tue, 06-02-2009 - 8:59pm
Sounds like you
iVillage Member
Registered: 01-25-2009
Tue, 06-02-2009 - 10:23pm

Calculator and amortization table, just plug in the numbers and it tells you everything. Free. Available online.

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

I think most people on this board are savvy enough to understand how a mortgage works.

iVillage Member
Registered: 10-02-2008
Tue, 06-02-2009 - 11:02pm

pincats is right though.

iVillage Member
Registered: 01-25-2009
Tue, 06-02-2009 - 11:24pm
The link I posted IS from bankrate.com. The difference between a 30-year and 15-year is, for a 30- year, during the first couple years a rough breakdown (using a 5% rate) is over two-thirds of the payment is interest, only about one-third of the payment goes towards principal. When you go with a 15 year, even from the get go, the breakdown is about 50/50 (among interest and principal).
iVillage Member
Registered: 10-02-2008
Tue, 06-02-2009 - 11:35pm

Yeah sorry about that-