We are currently a little over two years into our home loan, we owe 233k on it @ 3.75%. With interest rates so low we are considering refinancing to a 15 year loan and have seen rates at 2.5%. Our current payment is $1460 but we send an extra $200 each month. If we were to refinance I estimate our new payment with taxes and insurance would bump to a bit over $1800.
Is it a good idea to refinance? Or is it better to send more money every month to have more flexibility if something were too happen with or jobs? We currently make 117,000 a year and have no debt besides our mortgage.
Submitted April 29, 2020 at 10:26PM by Realmadcr9 https://ift.tt/2YiaWih
