Mortgage Rates are under 5% again! Buy or refi NOW!
January 7th, 2009 | 
Author: Rates are under 5%. Time to refi? Check below. Then call Carina @ Center City Mortgage for the best rates in Center City. Carina’s mobile is 610-388-3900!
| Refinancing example |
 |
| Original loan: $150,000 | ||||||
| Refinancing amount: $148,638 | ||||||
| Loan maturity (years): | 28 | 30 | 30 | 30 | 30 | 30 |
| Interest rate: | 8% | 7.5% | 7% | 6.5% | 6% | 5.5% |
| Monthly payment: | $1,100.65 | $1,039.30 | $988.89 | $939.49 | $891.16 | $843.95 |
| Total payments: | $369,818 | $374,147 | $356,001 | $338,217 | $320,817 | $320,817 |
| Total interest expense: | $221,180 | $225,509 | $207,363 | $189,580 | $172,180 | $155,184 |
| Estimated closing costs: | 0 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 |
| Payment savings: | 0 | $61.35 | $111.75 | $161.15 | $209.49 | $256.70 |
| Months to recoup: | 0 | 41 | 23 | 16 | 12 | 10 |
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