What is your new payment and how long will it take

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Reference no: EM131970793

Loan Option 1: 279,000; 5.3875%; 30 years with 1 point

Loan Option 2: $279,000; 5.875%; 30 years with no points

If you decide to take Loan Option 1 that offers the points, and you have already calculated the principal loan balance after 7 years.

Now you decide to refinance after (use the principal loan balance after 7 years) for a 30 year loan at 4.10% with $2,650 of closing costs.

What is your new payment and how long will it take for you to break even from refinancing?

Reference no: EM131970793

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