I have $178K remaining on my current mortgage. Paying an extra $100 on principal every month, so total P+I is about $1125. Expected payoff date is November 2038. The rate is 3.5%. This was originally a 30yr mortgage executed in 2013. Home value is around $300K, maybe $315K.
My credit union is offering a 15 year at 2.375% with $2k closing costs. P+I payment would be the same as my current mortgage.
Is this a no brainer? Should I refi?
Do you plan on living there for 5+ more years? If yes, then refinance. 3-5 years? Probably a take it or leave it. If you plan on selling in under 3 years, skip paying those closing costs and stay your current course.
No math was done to confirm, just rule of thumb type numbers.
Edited a 5 to 3 because typo. Woops.
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