Loan amount: $180k
Interest: 4.25%
Time left: 28 years
New loan:
Amount: $180k
Interest: 3%
Time: 20 years
Closing costs: $6,700(lender credit of $3,000 so out of pocket is close to $3,500). State taxes are rather high relative to other states, and $1,800 is escrow which I sorta don't count as a cost of refinancing, as obviously I'd be paying those regardless.
I was just looking at the amount going toward principal vs interest as my "payoff", where my first month payment would be $500 going towards principal vs $300ish currently.
Is this the right way to look at it? Essentially I am "saving" money by not paying it towards interest, although with this refi, my PITI would be nearly exactly the same as it currently is.
Submitted December 12, 2020 at 06:48PM by simple295 https://ift.tt/3gFlPBU
