If true, it sounds good. But you gotta remember that you've added another year + of those "lower" payments to the life of your mortgage. Everybody's situation is different. Will you keep the home until it's paid off or will you sell it in a couple of years? Have you looked at an amortization program to make comparisons? I have questionss about saving $500 per month with a one percent reduction in interest -- how much is your mortgage, 2 million $$ ??
Perhaps a chunk of that saving is no longer paying Private Mortgage Insurance (PMI)?? If so, that's a plus.
[This message has been edited by rpxlpx (edited December 10, 2002).] |
Moderated by rmurray223 
