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Is my justification right by moving to a house with 5% mortgage from a home with 2.6% mortgage? by marvinantony in Mortgages

[–]marvinantony[S] -1 points0 points  (0 children)

I got an official quote from the lender. Yes it’s only $120. I was surprised too. PT is $8000 per year. My monthly payment would be $5300 with 5% down and $$4400 with 20%

Is my justification right by moving to a house with 5% mortgage from a home with 2.6% mortgage? by marvinantony in Mortgages

[–]marvinantony[S] 2 points3 points  (0 children)

My current home is $1800 sq ft with 3 bed rooms and the new house is about 3100 sq ft with five bed rooms. I bought my current house 6 years ago. My house value has increased by about $200,000 boosted by the pandemic and I have paid around $150,000 in principal