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Q: I’m eight years into my 30-year mortgage, but I want to pay it off faster.Am I better off refinancing to a 15- or 20-year loan, or just paying a bit extra toward principal each month on my existing loan? A: A key calculation is to figure out whether your savings in total interest payments will be greater than the costs of refinancing.
15 year fixed rate refinance mortgages are the most popular alternative to the 30- year loan. They have lower rates and pay off in half the time.
From most lenders today, there is a full point difference in mortgage interest rates between a 30 year and 15-year mortgage. Let’s look at how the numbers break down. If you finance $300,000 at 4.5 percent on a 30 year fixed loan, you’ll be making 360 payments of $1520.06 a month.
There are times when it makes good sense to refinance a 30 year mortgage and convert it to a 15 year loan. Before you do this, though, you want to make sure that you will receive a financial benefit. By making this decision, you can quickly better your finances, in terms of your mortgage.
The national average for a 30-year fixed-rate refinance held steady, but the nationwide average on a 15-year fixed decreased. The average rate on 10-year fixed refis, meanwhile, ticked downward. Load.
Monthly payments on a 15-year fixed refinance at that rate will cost around $702 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year.
You may pay several hundred dollars more per month on a 15-year mortgage than a 30-year mortgage. This is money that could be invested each month. Historically, stocks have returned close to 10% annually.
Cost of refinancing. An important consideration in whether to refinance from a 30-year to a 15-year mortgage is the cost. Typically, you’ll have to pay lender’s fees and third-party charges from other companies in the refinancing process.
The national average for a 30-year fixed-rate refinance cruised higher, but the average rate on a 15-year fixed ticked downwards. Meanwhile, the average rate on 10-year fixed refis trended down.
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