Chase sent me a package in the mail telling me about this limited offer to refinance my mortgage. I don't know anything about this so I tried myself to run the numbers and was hoping someone could help me figure out if refinancing would be beneficial.
Current Balance: $92,360.00 Current Rate: 6% APR Current Monthly payment: $704 Current Maturity Date: 01/01/2035 New Rate: 4.375% APR (Closing costs and fee's waived)
As far as I understand it, this would put me at $168,000 in the hole for the next 30 years, but my monthly payments come down quite a bit. If I continue to my current monthly payments, I should pay it off before 2035, right? I'd save quite a bit of money too, right?
Thank you! <3