ramssuperbowl99 Posted March 5, 2020 Share Posted March 5, 2020 (edited) 3 minutes ago, AFlaccoSeagulls said: So may be a stupid question, but how do you even to estimate this? Do you just have to get a quote from a company then tally it all up and see if it makes sense, or is there some other generic way? I'd be lazy and use a mortgage calculator (or two, making sure you get the same number each time). Or make a spreadsheet to do it by hand. https://www.nerdwallet.com/blog/mortgages/30-year-fixed-mortgage-calculator/ Edited March 5, 2020 by ramssuperbowl99 Link to comment Share on other sites More sharing options...
AFlaccoSeagulls Posted March 5, 2020 Share Posted March 5, 2020 3 minutes ago, ramssuperbowl99 said: I'd be lazy and use a mortgage calculator (or two, making sure you get the same number each time). Or make a spreadsheet to do it by hand. https://www.nerdwallet.com/blog/mortgages/30-year-fixed-mortgage-calculator/ another stupid question - if you're refinancing, is the home price what's left on your mortgage? And then do put anything down towards a refi, or is it optional, or no? Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted March 5, 2020 Share Posted March 5, 2020 (edited) 5 minutes ago, AFlaccoSeagulls said: another stupid question - if you're refinancing, is the home price what's left on your mortgage? And then do put anything down towards a refi, or is it optional, or no? Not stupid questions at all man. I think you could use the calculator either way. I just ran a $300k house value with nothing down and a $400k house with $100k down and got the same answer, so the calculator is doing the subtraction up front. Personally, I wouldn't put anything extra down when you refinance. That money would probably do better in the stock market. But that's a personal decision and there's nothing stupid about paying your house down faster. Edited March 5, 2020 by ramssuperbowl99 2 Link to comment Share on other sites More sharing options...
AFlaccoSeagulls Posted March 5, 2020 Share Posted March 5, 2020 Just now, ramssuperbowl99 said: Not stupid questions at all man. I think you could use the calculator either way. I just ran a $300k house value with nothing down and a $400k house with $100k down and got the same answer, so the calculator is doing the subtraction up front. Personally, I wouldn't put anything extra down when you refinance. That money would probably do better in the stock market. But that's a personal decision and there's nothing stupid about paying your house down faster. Yeah so after I ran the calculator I actually ended paying more than I currently do - at least on the P&I side. Not sure how that's possible when the rate is over 1.5% lower? Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted March 5, 2020 Share Posted March 5, 2020 6 minutes ago, AFlaccoSeagulls said: Yeah so after I ran the calculator I actually ended paying more than I currently do - at least on the P&I side. Not sure how that's possible when the rate is over 1.5% lower? I'd expect a lower total amount paid with a 1.5% interest rate reduction, so maybe find a different calculator/double check stuff? Link to comment Share on other sites More sharing options...
AFlaccoSeagulls Posted March 5, 2020 Share Posted March 5, 2020 6 minutes ago, ramssuperbowl99 said: I'd expect a lower total amount paid with a 1.5% interest rate reduction, so maybe find a different calculator/double check stuff? I've checked 3 different calculators and they all give roughly the same number that I pay now in terms of monthly payment Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted March 5, 2020 Share Posted March 5, 2020 2 minutes ago, AFlaccoSeagulls said: I've checked 3 different calculators and they all give roughly the same number that I pay now in terms of monthly payment You should be looking at total interest, not monthly payment. Link to comment Share on other sites More sharing options...
AFlaccoSeagulls Posted March 5, 2020 Share Posted March 5, 2020 hehehehehehehehehehe nvm I can't math. For some reason I was, uh, not adding up the interest. Basically all of these calculators give me a $200/month savings. @ramssuperbowl99 1 Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted March 5, 2020 Share Posted March 5, 2020 8 minutes ago, AFlaccoSeagulls said: hehehehehehehehehehe nvm I can't math. For some reason I was, uh, not adding up the interest. Basically all of these calculators give me a $200/month savings. @ramssuperbowl99 I figured we'd get there eventually. 1 Link to comment Share on other sites More sharing options...
MWil23 Posted March 5, 2020 Share Posted March 5, 2020 Holy cow my mortgage lady said that the 15 year loan is currently 2.5%!!!!!!!!! Come on let's do this! 2 Link to comment Share on other sites More sharing options...
AFlaccoSeagulls Posted March 5, 2020 Share Posted March 5, 2020 30 minutes ago, MWil23 said: Holy cow my mortgage lady said that the 15 year loan is currently 2.5%!!!!!!!!! Come on let's do this! Yeah one of the calculators I did put a 15 year mortage as saving me like $25/month + obviously knocking off 15 years of my loan. Sounds pretty good to me. 1 Link to comment Share on other sites More sharing options...
MWil23 Posted March 5, 2020 Share Posted March 5, 2020 5 minutes ago, AFlaccoSeagulls said: Yeah one of the calculators I did put a 15 year mortage as saving me like $25/month + obviously knocking off 15 years of my loan. Sounds pretty good to me. She's running the debt to income ratio this weekend. Come on baby!!!! I only have the house payment and car payment so I'm holding out for this! I'm getting a huge raise but it won't take effect until August, so that doesn't count for the numbers. I'm trying to strike while the iron is hot! 1 Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted March 5, 2020 Share Posted March 5, 2020 2 hours ago, MWil23 said: Holy cow my mortgage lady said that the 15 year loan is currently 2.5%!!!!!!!!! Come on let's do this! Inflation was nearly 2% this past year, that's bordering on free money. 1 Link to comment Share on other sites More sharing options...
MWil23 Posted March 5, 2020 Share Posted March 5, 2020 1 minute ago, ramssuperbowl99 said: Inflation was nearly 2% this past year, that's bordering on free money. I’ve been scrambling all day getting paperwork ready and sending emails. Lock into this now and then start taking the extra money I was going to put each month onto the principal into my mutual funds. Link to comment Share on other sites More sharing options...
theJ Posted March 6, 2020 Share Posted March 6, 2020 High schoolers are obnoxious. Link to comment Share on other sites More sharing options...
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