Calculating the charge for the extended first period by the method used here
principal p = 160000
monthly rate r = 0.0237/12
no. months n = 120
2nd Oct to 15th Oct 2020 is 13 days
one month's interest m1 = r p = 316
13 day's interest d13 = (p + m1)*(0.0237/365)*13 = 135.32
1st interest charge (Nov) c1 = m1 + d13 = 451.32
Reset principal ...
Should I refinance (again) if I am looking to sell within 5 years?
It doesn't hurt to look, most lenders can get you some solid rate and cost info without running your credit and without you formally applying.
In a shorter period like 3-5 years you'd likely want lender credits to cover some/all of closing costs. It's the opposite of buying points to get the ...
The key metric is how long it will take you to pay off the entire closing cost (not just how much you pay at closing) with the interest savings. Don't use the entire reduction in payment, because some of that may be reducing the principal portion that you'll pay back when you sell the house.
So if refinancing saves you $100 per month in interest and you pay $...
I would like to lower my monthly payment, but more importantly I want
to have the best possible equity in the house come selling time to
make the next mortgage easier, and I'm not sure how a refi effects
When people refinance their mortgage (without it being a cash-out refinance) there are two ways they end up with a lower monthly payment: They extend ...