The Straight Dope

Go Back   Straight Dope Message Board > Main > General Questions

Reply
 
Thread Tools Display Modes
  #1  
Old 06-11-2010, 06:29 PM
Mangosteen Mangosteen is offline
Guest
 
Join Date: Jul 2005
4.5% vs. 3.875 monthly mortgage payment

My wife and I are buying a home. Today is the last day of out interest rate lock at 4.5% on a 15 year loan. Payments on the $165,000 loan are about $1200 a month.

Interest rates have now dropped to 3.875% for a 15 year loan. If we start the loan process over again at 3.875%, how much would it lower our monthly payment?

(We can't ask our loan officer because its a holiday.)

Thanks!
Reply With Quote
Advertisements  
  #2  
Old 06-11-2010, 06:33 PM
TimeWinder TimeWinder is offline
Charter Member
 
Join Date: Jan 2004
Location: Redmond, WA
Posts: 3,275
According to this, about $50.
Reply With Quote
  #3  
Old 06-11-2010, 10:12 PM
RandomLetters RandomLetters is offline
Guest
 
Join Date: Feb 2004
Note that is $9,000 over the course of the loan. So I would say the hassle of redoing the loan is well worth it.
Reply With Quote
  #4  
Old 06-11-2010, 11:49 PM
Mangosteen Mangosteen is offline
Guest
 
Join Date: Jul 2005
Thanks for your replies!
Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 08:59 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.

Send questions for Cecil Adams to: cecil@chicagoreader.com

Send comments about this website to: webmaster@straightdope.com

Terms of Use / Privacy Policy

Advertise on the Straight Dope!
(Your direct line to thousands of the smartest, hippest people on the planet, plus a few total dipsticks.)

Publishers - interested in subscribing to the Straight Dope?
Write to: sdsubscriptions@chicagoreader.com.

Copyright 2013 Sun-Times Media, LLC.