How do I calculate the closing costs when considering a Refinance?

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Contributor

I'm tired of paying $219 per month for PMI and my options for getting rid of it are either wait until 9/2017 or refinance.

 

My goal is to be debt free and according to loan calculators, putting that $219 a month toward my principle instead would pay off my mortgage 7.5 years early!

 

I have a pretty low fixed interest rate of 3.375% right now and am only 3 years into a 30 year mortgage (although we are on track to have it paid off in 20). I know how to calculate how much more I'd pay in interest if my rate changed, but how do I find all the other costs associated with refinancing so that I can compare to see if I would long-term be better off just continuing paying it until I get to the 5 year mark when I'm allowed to drop it in order to keep my low interest rate, or if I should refi now.

 

 

 

 

 

2 REPLIES

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shellmitch,

As a member community manager I am not in any position to give advice such as this and I also do not have access to your account information. Please call and speak to a member services representative at 1-800-531-8722. Thank you.

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My goal also was to pay off my home in less than thirty years. I paid for the first year a extra 500 a month. 

I have a loan of 140,400 now my loan is 89,000. I have about 100,00 in home equity. I am still paying for PMI. Find out when it will drop off your account. I could get a appraisal and get it dropped but it would only save me about ten dollars totally. I believe it will drop in the next 15 months off my account, 

 

Good luck.--your house isn't a asset