Only fixed debt
Student Loan Refi 39.4K - Closed
~18 year @ 5.01% with Earnest
_20 year @ 4.48% with Commonbond
Zero out of pocket
$31/m cashflow improvement
Mortgage Ref 197.2K – In Que
~29 year @ 3.875% with Wells Fargo (assigned from NAF) $935 P&I
_30 year @ 3.375% with TopFlightFinancial $865 P&I
-$2,100 loan costs (including appraisal, title, etc)
-$1,694 for other (including escrow hazard insurance, escrow property taxes, prepaid interest, recording fee, etc)
+$1,646 existing escrow liquidation
-2,052 if I have to fund escrow
-0,947 if I do not have to fund escrow (Attempting to move away from the escrow if possible)
$80/m cashflow improvement
Notes, Switched careers last year and took a significant reduction in base salary, plus lived off of my stash for 4.5 months. Credit score 820.
Between the 2, that is 33K less I need invested to support the debt… and over the term not only saves ~25K in interest, but likely leaves me with ~100K in additional portfolio value.
The more cashflow I can free-up on the path to FI, the quicker I can get there – and for the most part so long as the rates are under 5% I will likely refi multiple times on that path. I will then pay the debt off when the threshold is hit where my FI is achieved sooner than the support levels required for holding the debt.