Does the current real estate market have you feeling the blues? Do you owe more than you can sell your home for? Well, take a look at refinancing. You can’t afford not to refinance now and start seeing some green.
There are two kinds of homeowners: those who have recently refinanced and those who have convinced themselves it won’t make a difference. If you’re in the second camp, take a look at the numbers below. Then let me connect you with my Mortgage consultant so you can start figuring out how to spend that extra money.
| Year | Purchased 2006 | Refinanced 2010 | Refinanced 2010 |
| Sale Price of Home | $300,000 | $300,000 | $300,000 |
| Down Payment | $60,000 | $60,000 | $60,000 |
| Less Principal Paid | $11,600 | $11,600 | |
| Loan Amount | $240,000 | $228,400 | $228,400 |
| Type of Financing | Conventional30-year fixed | Conventional30-year fixed | Conventional15-year fixed |
| Interest Rate | 6.625% | 4.125% | 3.375% |
| Monthly Payment | $1,537 | $1,103 | $1,618 |
| MONTHLY SAVINGS | $434 | -$81 | |
| ANNUAL SAVINGS | $5,208 | -$972 | |
| LIFE OF LOAN SAVINGS | $81,046 | $188,160 |
Sure! Don't we all these days? Great post.
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