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What is the return on investment in the refinance option

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Reference no: EM131814866

REFINANCE PROBLEM

Existing Loan (now it is EOY 5)                       Refinancing Option

Original was $100,000, 30 yr,                           25 yr,   7.5%,

10% FRM (fixed rate mort.)                       4 points.

Payment =             877.57                          713.67

Balance Now (EOY 5) = 96,574

If you know that you will be moving in 8 years after this possible refinance, which is the better option … stay with existing loan or refinance?

What is the return on investment in the refinance option ?

Reference no: EM131814866

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