You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 6.12 percent. After five years you refinance the mortgage for 27 years at a 6.00 percent annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)?

Answer rating: 100% (QA)

Heres how to calculate your new monthly payment after refinancing 1 Calculate the original loan amou... View the full answer