Too soon to refi?

[ShanetheMortgageMan]

You'd need help from a payment calculator, take the 15-year payment at the current rate vs. the new rate.

$200k at 5.25% over 15 years = $1,607.76/mo payment.
@ 4.125% (it goes in 1/8th increments) = $1,491.94

Difference of $115.82, multiplied by 180 payments = $20,847.60 savings over the life of the loan.

[dad2jules]

There are no closing cost loans depending on where you live. Here in NC our generic closing costs are only about $2100 so absorbing these through YSP is easy. Can do 4.875% on a 30 year today with no costs at closing or balance added to the loan amount so there is no calculations to be done- save $50 a month it is your for the taking.

[manderly6]

So, just got off the phone with a lender. My options are:

A. I can get a 4.75 rate for $2,300. Savings of $60 a month. Break even is 38 months.
B. I can get a 4.00 rate for $2,300 switching to a 15 year from 30. Savings of $115 a month. Break even is 20 months. Actual increase in monthly payment is about $400, which I can handle with no problem.
C. Just go to Vegas.

[sheenie2000]

Originally Posted by manderly6

So, just got off the phone with a lender. My options are:

A. I can get a 4.75 rate for $2,300. Savings of $60 a month. Break even is 38 months.
B. I can get a 4.00 rate for $2,300 switching to a 15 year from 30. Savings of $115 a month. Break even is 20 months. Actual increase in monthly payment is about $400, which I can handle with no problem.
C. Just go to Vegas.

D. Wait for rates to go lower.