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Reply to "Would you refinance house in my situation?"
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[quote=Anonymous][quote=Anonymous]We owe 350K with 4.875%, 30 year, in our 6th year. --------------------- We would like to pay it off in 3-7 years. --------------------- Would we save money on monthly interest if we refi to 15 or 10 year mortgage? Can someone point me to a website where I can calculate this? thanks![/quote] zillow has a refinance calculator http://www.zillow.com/mortgage-calculator/refinance-calculator/ Obviously it depends on the cost of refinancing when you now have the ability to pay off the whole thing in THREE years. If your payment increases monthly under a 10 or 15 year would you be better off paying down principal and getting rid of the mortgage in 3-5 years? If you went with another 30 and lowest possible rate/closing costs you could continue what you've been doing.[/quote]
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