You bought a personal home 12 years ago for $300,000. You took out a mortgage for 75%
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You bought a personal home 12 years ago for $300,000. You took out a mortgage for 75% of the purchase price for 30 years (both 30 year term and 30 year amortization) with a 6% interest rate. Interest rates have dropped to 4% and there is no penalty for you to refinance on new 30 year mortgage (30 year term, 30 year amortization). You want to refinance your existing mortgage and you are not looking to take out any new loan proceeds.
What is the new mortgage amount and how do your monthly payments compare between your old mortgage and new mortgage?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: