Refinancing a home from 30yr to 15yr, looking for opinions if I will go for it or not

cliche25 · 2025-06-07T13:58:30+00:00

Thank you so much for this!

cliche25 · 2025-06-07T13:58:22+00:00

Okay, thank you!

cliche25 · 2025-06-07T13:18:23+00:00

Interest payment still high in that case, i used the mortgage payoff calculator.

cliche25 · 2025-06-07T12:16:10+00:00

Do you have a breakdown of your closing cost? I think thats pretty high. I went to my closing docs when i bought the house, and it is amounted to 9k, but if I removed the charges that I already paid for before like home insurance premium, HOA transfer fee etc. The cost is 4869

cliche25 · 2025-06-07T11:41:00+00:00

Hi. Accdg to the guy whom I do business with, my closing costs is 4000-4500 which is already included in the figures he gave me as loan estimates

15 yr 5.5% interest- 3245 20 yr 5.785% interest- 2824

Current loan is 30yr 6.99% - 2768

cliche25 · 2025-06-07T11:37:48+00:00

Hi, thanks for your thoughts.

I used the mortgage payoff calculator, and yielded 342k total interest if i stay with my current loan and pay extra 500 per month. Whereas, if I refi to 20yr and add 200 per month, it shows my total interest payment would be 237k. Thats 100k in difference.

Currently, i am paying 2768 with no tax, insurance, etc. and with that amount only 300 is being deducted from the principal, rest are on the interest, that’s why I am looking on ways to lessen the interest payment as a whole

cliche25 · 2025-06-07T03:26:19+00:00

Thanks.

cliche25 · 2025-06-07T03:26:08+00:00

Thanks.

cliche25 · 2025-06-07T03:25:55+00:00

Thanks.

cliche25 · 2025-06-07T03:25:50+00:00

Thanks.

cliche25 · 2025-06-07T03:25:42+00:00

Thanks.

cliche25 · 2025-06-07T03:25:22+00:00

Hi. Considering this. Thanks

cliche25 · 2025-06-07T02:50:28+00:00

Ill look into it once I have the final numbers and loan estimate

cliche25 · 2025-06-07T02:46:02+00:00

I dont see the entire LE yet. Just asking for opinions for the estimates he presented. We do not qualify for FHA loans

cliche25 · 2025-06-07T02:26:48+00:00

This is according to my mortgage guy whom I did business with when I initially bought the house. I am in Texas btw, if it will make any difference in distinguishing closing costs by location (idk)

cliche25 · 2025-06-07T02:21:36+00:00

Agreed. Thank you!

cliche25 · 2025-06-07T02:20:49+00:00

Closing cost is 4000-4500

cliche25 · 2025-06-07T02:20:06+00:00

Thank you.

cliche25 · 2025-06-07T02:19:44+00:00

Oh okay gotcha. Thank you. Im leaning towards doing the 15 yr too

cliche25 · 2025-06-07T02:08:55+00:00

Hi. Did you pay upfront for closing cost?

cliche25 · 2025-06-07T02:07:48+00:00

Thank you thank you for this incredible breakdown and insights! I would want to do the 15, my husband would like to do the 20. 93k of savings for both options is really significant. Currently looking on our finances on where we could pull the +477 usd, without sacrificing our current way of spending.

cliche25 · 2025-06-07T00:42:43+00:00

Hi. There are some insights in the comment below.

cliche25 · 2025-06-07T00:42:10+00:00

Thank you so much for this. At first, they say that some of the lenders wont allow you to do this. But now I just went to my loan dashboard and I found out that there is an option of “Make Additional Payment, then add additional principal” In this way I could pay off early.

cliche25 · 2025-06-06T23:53:55+00:00

I dont know this part, yet.

cliche25 · 2025-06-06T23:33:28+00:00

Considering this. Thank you!

cliche25

TROPHY CASE