Refi?
- Thread starter stockrex
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Fixed or variable? Mines 3.25% fixed 30yr, I'm happy with it. Much better than what my folks had years ago, 8-12%.
Fixed or variable? Mines 3.25% fixed 30yr, I'm happy with it. Much better than what my folks had years ago, 8-12%.
I think Excel has templates for mortgage calculators. I'd do up one with your current loan, and find out out how much it will cost you, from this point forward. Then start any number of new files for these various options that you have. Add closing costs to those sheets, then figure out which one has the lowest cost spent.
Failing that, you should be able to find calculators online. Again, figure out total cost from this point forward (since you can't fix whatever you've already spent).
Failing that, you should be able to find calculators online. Again, figure out total cost from this point forward (since you can't fix whatever you've already spent).
Originally Posted By: stockrex
Current 3.5%
New
Rate APR Points Closing Fees
2.750% 2.842% 0.125% $2,067.00
Loan Amt $200k
Should I refi? worth it?
I am looking at a 15 year term
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Current 3.5%
New
Rate APR Points Closing Fees
2.750% 2.842% 0.125% $2,067.00
Loan Amt $200k
Should I refi? worth it?
I am looking at a 15 year term
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
How long do you plan to be in the house? Every time I looked into a refi I found that I'd have to stay longer than I expected/wanted to make it worthwhile so I just paid extra on my 30-year mortgage as if it were a 20-year. I sold that house this year and all that extra I paid is now in the bank for when I find my next house to buy.
Not sure about the math, but if you have a 30 year loan and want to go to a 15, it would be the best thing you every did. 30 year is a rip off, but if you are already 10 years into one, you are finally paying down some of the principal.
Biggest point of considerwtion: Are all the wage earners VERY SECURE in their jobs for the next 10 years?
With the 30 you have a lower payment and you can prepay when possible (I will assume no penalty)
to lower term to say 22 years and lower overall interest paid.
Best way to make money is to sell at a market up. You should probably never stay in same house more than 7-10 years if you want to pad your retirement nicely.
With the 30 you have a lower payment and you can prepay when possible (I will assume no penalty)
to lower term to say 22 years and lower overall interest paid.
Best way to make money is to sell at a market up. You should probably never stay in same house more than 7-10 years if you want to pad your retirement nicely.
Originally Posted By: ARCOgraphite
Biggest point of considerwtion: Are all the wage earners VERY SECURE in their jobs for the next 10 years?
With the 30 you have a lower payment and you can prepay when possible (I will assume no penalty)
to lower term to say 22 years and lower overall interest paid.
Best way to make money is to sell at a market up. You should probably never stay in same house more than 7-10 years if you want to pad your retirement nicely.
Why not pad you retirement with all the money you now have to invest because you have everything paid off? Selling when the market is up means you have to rent for an unknown number of years waiting for the market to go back down.
Biggest point of considerwtion: Are all the wage earners VERY SECURE in their jobs for the next 10 years?
With the 30 you have a lower payment and you can prepay when possible (I will assume no penalty)
to lower term to say 22 years and lower overall interest paid.
Best way to make money is to sell at a market up. You should probably never stay in same house more than 7-10 years if you want to pad your retirement nicely.
Why not pad you retirement with all the money you now have to invest because you have everything paid off? Selling when the market is up means you have to rent for an unknown number of years waiting for the market to go back down.
My refinance is in the works right now. 15yr fixed 2.75% 2.90 APR. I'm shaving 10yrs off my loan and getting rid of PMI. My payment is going to practically stay the same and I'm going from a 30yr to a 15...
Originally Posted By: nwjones18
My refinance is in the works right now. 15yr fixed 2.75% 2.90 APR. I'm shaving 10yrs off my loan and getting rid of PMI. My payment is going to practically stay the same and I'm going from a 30yr to a 15...
If you can refi and eliminate PMI then you should be able to eliminate the PMI with just a reappraisal. How long have you got left on the 30-year mortgage?
My refinance is in the works right now. 15yr fixed 2.75% 2.90 APR. I'm shaving 10yrs off my loan and getting rid of PMI. My payment is going to practically stay the same and I'm going from a 30yr to a 15...
If you can refi and eliminate PMI then you should be able to eliminate the PMI with just a reappraisal. How long have you got left on the 30-year mortgage?
Originally Posted By: Joshua_Skinner
Originally Posted By: nwjones18
My refinance is in the works right now. 15yr fixed 2.75% 2.90 APR. I'm shaving 10yrs off my loan and getting rid of PMI. My payment is going to practically stay the same and I'm going from a 30yr to a 15...
If you can refi and eliminate PMI then you should be able to eliminate the PMI with just a reappraisal. How long have you got left on the 30-year mortgage?
25 years left. I shouldn't have said eliminate its going to go from around $105 a month with my current FHA loan to $17 a month with new conventional mortgage and will automatically go away when I hit 78% loan to value.
Originally Posted By: nwjones18
My refinance is in the works right now. 15yr fixed 2.75% 2.90 APR. I'm shaving 10yrs off my loan and getting rid of PMI. My payment is going to practically stay the same and I'm going from a 30yr to a 15...
If you can refi and eliminate PMI then you should be able to eliminate the PMI with just a reappraisal. How long have you got left on the 30-year mortgage?
25 years left. I shouldn't have said eliminate its going to go from around $105 a month with my current FHA loan to $17 a month with new conventional mortgage and will automatically go away when I hit 78% loan to value.
Originally Posted By: cptbarkey
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Why would you want to maximize your tax deduction? If you are in the 25% tax bracket like I am, I pay the bank a dollar so I can avoid paying the IRS 25 cents? I will be the bank all day and loan you the money if you are concerned about maximizing your tax deductions.
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Why would you want to maximize your tax deduction? If you are in the 25% tax bracket like I am, I pay the bank a dollar so I can avoid paying the IRS 25 cents? I will be the bank all day and loan you the money if you are concerned about maximizing your tax deductions.
Originally Posted By: SVTCobra
Originally Posted By: cptbarkey
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Why would you want to maximize your tax deduction? If you are in the 25% tax bracket like I am, I pay the bank a dollar so I can avoid paying the IRS 25 cents? I will be the bank all day and loan you the money if you are concerned about maximizing your tax deductions.
I don't look to maximize my tax deduction, but I will gladly take the tax deduction off an interest rate somewhere between 3% and 4% on a 30 year and carry that loan while I leave my cash invested.
Originally Posted By: cptbarkey
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Why would you want to maximize your tax deduction? If you are in the 25% tax bracket like I am, I pay the bank a dollar so I can avoid paying the IRS 25 cents? I will be the bank all day and loan you the money if you are concerned about maximizing your tax deductions.
I don't look to maximize my tax deduction, but I will gladly take the tax deduction off an interest rate somewhere between 3% and 4% on a 30 year and carry that loan while I leave my cash invested.
Originally Posted By: SVTCobra
Originally Posted By: cptbarkey
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Why would you want to maximize your tax deduction?
Why wouldnt you? Go ahead and be a patriot if you please.
Originally Posted By: cptbarkey
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Why would you want to maximize your tax deduction?
Why wouldnt you? Go ahead and be a patriot if you please.
When deciding rent vs. home ownership calculate in taxes, maintenance and upkeep as well. My home needs to go up in value 2-3% per year just to keep up with taxes and maintenance. With renting you don't have that. When home prices are falling, like 2008-2011, you get the double whammy. Just keeping up with the big oak and maple trees around my house has cost me $10,000 in the past 10 years. And I still have 5-7 trees to go...or another $10,000. I like the idea of moving every 5-7 years. If anything get into a more up to date house with maintenance current...such that little $$ will be needed in the next 5-7 yrs. 30-50 year old homes can keep you (and the contractors) busy.
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Renting it always a losing proposition... what usually keeps people from buying is CASH or down payment. However not everyone wants to own a home. While renting is paying for the convenience of being able to move at any time and no maintenance.
Originally Posted By: cptbarkey
Originally Posted By: SVTCobra
Originally Posted By: cptbarkey
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Why would you want to maximize your tax deduction?
Why wouldnt you? Go ahead and be a patriot if you please.
If being a Patriot is to maximize what I pay to the bank in order to save 25% what I paid to the bank in the form of less taxes, then I am no patriot. I rather have the money in my pocket by getting a 15 year mortage, paying it off as fast as possible, and gladly pay my income tax and not make any more bank payments.
Isn't being a patriot partly about paying taxes? If so then I am being more of a Patriot by not having any payments and losing the mortgage interest deduction, therefore paying more in tax than if I did have it.
Originally Posted By: SVTCobra
Originally Posted By: cptbarkey
From a tax deduction perspective you are losing out with a 15 year or less note, if you have a boatload of money then just paying it off is always a better deal.
Why would you want to maximize your tax deduction?
Why wouldnt you? Go ahead and be a patriot if you please.
If being a Patriot is to maximize what I pay to the bank in order to save 25% what I paid to the bank in the form of less taxes, then I am no patriot. I rather have the money in my pocket by getting a 15 year mortage, paying it off as fast as possible, and gladly pay my income tax and not make any more bank payments.
Isn't being a patriot partly about paying taxes? If so then I am being more of a Patriot by not having any payments and losing the mortgage interest deduction, therefore paying more in tax than if I did have it.
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