Need a 2nd (or 3rd opinion)
I have a $200k 30yr mortgage at 4.875%, 25 years left to go
My house appraised ar $212k, seems consevative, but is what it is...
I can do a new 15yr @ 3.375%, will have same monthly payment including insurance and tex escrow, but need to throw $30k into it to get to 80% LTV.
I have very little other debt, and a savings/investment account of about $100k at the moment and significant positive monthly savings. So the $30k is making a dent, but I can save $3-5k per month going forward
Goal here is to deal with mortgage, pay off in 15yrs or less, and save the additional interest expense. Going forward, I will invest my monthly savings
Throwing $30k into this seems like a big step, but I think the return is worth it...am I missing anything?
Also, closing costs are quite low, should be under $2k.