What is the new monthly payment if the couple refinances

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Reference no: EM132049332

A couple took out a $351,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.12% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage. The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.56% APR with monthly compounding. The mortgage will call for monthly payments. What is the new monthly payment if the couple refinances?

Reference no: EM132049332

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