Assume you have a 6% 30-year mortgage for $100,000 with now 10 years to maturity (annual payments
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Question:
Assume you have a 6% 30-year mortgage for $100,000 with now 10 years to maturity (annual payments with exactly one year to the next payment). You are considering a refinance of the loan at 4% with a refinancing fee of $4,000.
What is the new payment, if you choose to refinance. Is refinancing with the new rate (4%) a good idea?
Related Book For
Basic Technical Mathematics
ISBN: 9780137529896
12th Edition
Authors: Allyn J. Washington, Richard Evans
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