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Old 06-11-2010, 07:29 PM
Mangosteen Mangosteen is online now
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.)

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Old 06-11-2010, 07:33 PM
TimeWinder TimeWinder is offline
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Location: Redmond, WA
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According to this, about $50.
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Old 06-11-2010, 11:12 PM
RandomLetters RandomLetters is offline
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.
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Old 06-12-2010, 12:49 AM
Mangosteen Mangosteen is online now
Join Date: Jul 2005
Thanks for your replies!
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