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Reply to "Explain to me the what the benefits are to REFI - I am just not getting it."
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[quote=Anonymous]We were in a similar position. We refied to a 15 year. We pay about the same amount per month as we did before. Assuming a change from a 6% loan to a 3% 15 year loan (which is what we got) on $440,000 as a starting ($381k at time of refi), we would owe $318K in 2019 (6 years from now, the time you want to sell) on the old loan and only $234K on the new loan. That is an extra $84k of equity in just 6 years!!! Wait longer, and the savings are even more. You would be foolish not to refinance![/quote]
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