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If you sold today, a title agency would be responsible for distributing funds equitably. They will make sure fees are paid to the appropriate agencies, any liens are paid off, and other participants in equity are also paid. Most frequently this is the real estate commission.
Money left over, is then distributed to the owners. This would be done in ...
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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 ...
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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 $...
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There are no no-cost refinances. Somebody has to pay the cost of the paperwork, filing fees and the reappraisal. That somebody is always the borrower. You either pay at the closing table by writing a check for those things or a higher mortgage amount.
The same thing happens with the buying down the interest rate. To lower the monthly rate you have to pay ...
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I am refinancing to become the sole owner...
No, you are not!
How can you become the sole owner without the permission of the other owner? If you and I went splitsies on a hobby-horse, you can't call Fisher-Price Finance and take away my ownership, unless the finance company foreclosed on us both.
As other commenters have noted, if you want to be the sole ...
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There are two roles here: Owner/landlord and tenant. You are both co-owners/landlords, and you alone are the tenant. There's also the separate issue of what to do about the refinance.
Regarding the ownership role: You and your sister should have been contributing to all owner expenses including the mortgage and major repairs equally, but NOT including normal ...
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