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For me it was a no brainer. Right now we are 4 years into our 30 year mortgage @ 6.725. Out of our last monthly payment $250 went on the principle, rest was interest. Using the mortgage calculator for our refinance at 15 years @ 3.875% the first payment will have $677 going towards the principle! Our refinance costs will be around $1200. We will be financially ahead after just 2 months. Our mortgage payment will only be increasing by $96.00 per month.
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Kurt V
No more Porsches, but a revolving number of motorcycles.
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