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[–] 25351930? ago 

When you refinance for another 30 years, you are taking your existing mortgage debt and extending it out. Monthly payment will of course go down.

Rent vs mortgage. Look at your mortgage statements. Payments for the first decade of your mortgage are mainly interest payments. When you refinance, you pay off your principle and all those interest payments made for years prior are like rent. Then you start the process again. Tally your accumlated interest payments if you want to make yourself sick.

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[–] 25364329? ago 

I'm well aware.

Accounting for all that, I'm still ahead 200 a month in saved interest.

And if I make the same payment I'm currently making + the extra every month I pay I can have this mortgage paid off in 8 years.

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[–] 25367986? ago 

Nice, that's the way to think. Good work