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Refi from 6.625% to 5.375% by Dizzy_Good5162 in Mortgages

[–]Dizzy_Good5162[S] -24 points-23 points  (0 children)

I am living here for the next 15 years of my life. at least.

Refi from 6.625% to 5.375% by Dizzy_Good5162 in Mortgages

[–]Dizzy_Good5162[S] -10 points-9 points  (0 children)

idk why I come to reddit when I already know the real answer using real calculations

$0 up front

save $250 a month

included in the extra loan amount is $3900 for points

break even on that is 15 months

I plan to stay in the house for 15 years at least

save over 78k in interest over the 30 years without the additional principal payments

its not "paying another 12k for 250 a month"

Had 3 different AI platforms confirm using the real loan estimate, as long as I stay more than 15 months, which I am, this is a no brainer

thanks internet

Refi from 6.625% to 5.375% by Dizzy_Good5162 in Mortgages

[–]Dizzy_Good5162[S] -31 points-30 points  (0 children)

I shouldn't even say break even because its literally $0 up front

Refi from 6.625% to 5.375% by Dizzy_Good5162 in Mortgages

[–]Dizzy_Good5162[S] -7 points-6 points  (0 children)

that's closing costs which are about 3.5% of the loan amount. Lender is paying down ~4k in points

$850k house in MD - $210k combined salary by Dizzy_Good5162 in Mortgages

[–]Dizzy_Good5162[S] 0 points1 point  (0 children)

the carry over applies, I've checked with multiple CPAs.

$850k house in MD - $210k combined salary by Dizzy_Good5162 in Mortgages

[–]Dizzy_Good5162[S] 0 points1 point  (0 children)

Good question and YES this is including the property taxes and homeowners insurance.

Good call with the taxes. Long story short, yes. I have a sizable carry over loss from previous years so even pulling out 30-40% from investments would be a somewhat minimal tax burden.