I'll keep it brief. I think I know the answer but want to ask to make sure I am looking at this correctly.
Mortgage: Rem. $298K @ 3.75%, 28 years left, Fixed, house worth ~$380K
Home Loan: Rem. $29K @ 6%, 18 years remaining, Fixed.
Spoke with my lender yesterday, no cost refi 30 year @ 4.875%.
My gut is telling me not to refi and just power through the loan. I think I can pay it off in roughly 3 years.
Mortgage @ 3.75% - ttl cost $496,830
Home Loan @ 6% - ttl cost $49,864
Mortgage @ 4.875% - ttl cost $622,984
So by refi-ing, I will actually spend $76K more over 30 years and save about $14 dollars on Payment? Pretty much I would be a fool to do this?
Thanks!
