Suppose you currently have 25 years remaining on a mortgage that started as a $200,000, 30 Year 6% mortgage. Your current balance is $186,108.
Suppose you currently have 25 years remaining on a mortgage that started as a $200,000, 30 Year 6% mortgage. Your current balance is $186,108.71. Your current payment (including both principal and interest) is $1,199.10. Ignoring closing costs, evaluate whether you should refinance into a 30-year 5% mortgage or a 15-year 4% mortgage. Determine the following for both alternatives: a. What would be the new monthly […]
