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What Are You Thinking About v.CC


pwny

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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 by ramssuperbowl99
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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?

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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 by ramssuperbowl99
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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?

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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?

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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 :/

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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.

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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!

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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.

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