NAMEWITHELD12
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Mortgage and pmi question how to calculate a refi ????
I bought a house back when I had poor credit , no down payment and had to buy PMI , I now have 829 credit score
This is an FHA loan so the PMI cannot be removed now that I have over %20 equity
I have a current rate of %3.375, I think this is a great rate but wonder if I go for a slight increase in the rate %3.8??? would be a better deal in the long run
How can I figure this out??? , I am not sure what numbers to compare and all that
Thanks !
This is an FHA loan so the PMI cannot be removed now that I have over %20 equity
I have a current rate of %3.375, I think this is a great rate but wonder if I go for a slight increase in the rate %3.8??? would be a better deal in the long run
How can I figure this out??? , I am not sure what numbers to compare and all that
Thanks !
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Yes. Your logic is good. Just make sure the total number of years for the variable amounts = total number of years.
ASKER
I really am very thankful to have a logical person to check my stuff , someone who is not looking to make a buck of me and is impartial !
thanks again John Hurst !
thanks again John Hurst !
Thank you for the very gracious compliment. We volunteers at Experts-Exchange like helping people and compliments like yours above helps make this work worthwhile.
Many thanks to you.
Many thanks to you.
ASKER
OLD LOAN: so mort calculator for %3.375 using the remaining mortgage balance to get the total interest paid and add that to the total of the PMI over the life of the loan = cost #1
vs
NEW LOAN: new loan at %3.8 use mortgage calculator using the remaining mortgage balance to get the total interest paid = cost 2
thanks, I think I get the picture but wanted to check my logic