# 4.5% vs. 3.875 monthly mortgage payment

**URL:** <https://boards.straightdope.com/t/4-5-vs-3-875-monthly-mortgage-payment/542859>\
**Category:** Factual Questions\
**Created:** [June 11, 2010, 11:29pm UTC](https://boards.straightdope.com/t/4-5-vs-3-875-monthly-mortgage-payment/542859 "2010-06-11T23:29:09Z")\
**Posts on this page:** 4\
**Page:** 1

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**Author:** ![Mangosteen](https://avatars.discourse-cdn.com/v4/letter/m/6a8cbe/32.png) [@Mangosteen](https://boards.straightdope.com/u/Mangosteen)\
**Post date:** [June 11, 2010, 11:29pm UTC](https://boards.straightdope.com/t/4-5-vs-3-875-monthly-mortgage-payment/542859/1 "2010-06-11T23:29:09Z")

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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!

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**Author:** ![TimeWinder](https://avatars.discourse-cdn.com/v4/letter/t/bcef8e/32.png) [@TimeWinder](https://boards.straightdope.com/u/TimeWinder)\
**Post date:** [June 11, 2010, 11:33pm UTC](https://boards.straightdope.com/t/4-5-vs-3-875-monthly-mortgage-payment/542859/2 "2010-06-11T23:33:12Z")

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According to [this](http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx), about $50.

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**Author:** ![RandomLetters](https://avatars.discourse-cdn.com/v4/letter/r/8edcca/32.png) [@RandomLetters](https://boards.straightdope.com/u/RandomLetters)\
**Post date:** [June 12, 2010, 3:12am UTC](https://boards.straightdope.com/t/4-5-vs-3-875-monthly-mortgage-payment/542859/3 "2010-06-12T03:12:14Z")

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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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**Author:** ![Mangosteen](https://avatars.discourse-cdn.com/v4/letter/m/6a8cbe/32.png) [@Mangosteen](https://boards.straightdope.com/u/Mangosteen)\
**Post date:** [June 12, 2010, 4:49am UTC](https://boards.straightdope.com/t/4-5-vs-3-875-monthly-mortgage-payment/542859/4 "2010-06-12T04:49:47Z")

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Thanks for your replies!