l******o
发帖数: 279 | 1 忙得半死还被起意要做 refinance。各位大侠看看我下面的大概计算对不对？假设我们
每月都只想付minimum。抱歉下面是英文打好给一个朋友看的，懒的改了。
Our current rate = 4.25, monthly principal + interest = $2,411 for loan $490
,000
if refinance rate is 3.875, monthly principal + interest = $2,304.
Total saving in 360 months = $(2,411 - 2,304) x 360 = $38,520.
We will have paid 14 months until closing, so in the new term we will pay 14
months more, which is $2,304 x 14 = $32,256.
The total saving is $38,520 - $32,256 = $6,264.
if refinance rate is 3.75, monthly principal + interest = $2,269.
Total saving in 360 months = $(2,411 - 2,269) x 360 = $51,120.
We will have paid 14 months until closing, so in the new term we will pay 14
months more, which is $2,269 x 14 = $31,766.
The total saving is $51,120 - $31,766 = $19,354.
So in our case, it seems that it is not worthy at all of all the trouble if
we can only save $6k in long run for the rate of 3.875. If the rate can be
3.75 and saving is $19K, we should give it a shot.
各位大侠帮忙看看？谢了先！ | s***g
发帖数: 1173 | | m**********a
发帖数: 10817 | 3 一般要差一个点才划算
490
14
【在 l******o 的大作中提到】
: 忙得半死还被起意要做 refinance。各位大侠看看我下面的大概计算对不对？假设我们
: 每月都只想付minimum。抱歉下面是英文打好给一个朋友看的，懒的改了。
: Our current rate = 4.25, monthly principal + interest = $2,411 for loan $490
: ,000
: if refinance rate is 3.875, monthly principal + interest = $2,304.
: Total saving in 360 months = $(2,411 - 2,304) x 360 = $38,520.
: We will have paid 14 months until closing, so in the new term we will pay 14
: months more, which is $2,304 x 14 = $32,256.
: The total saving is $38,520 - $32,256 = $6,264.
: if refinance rate is 3.75, monthly principal + interest = $2,269.
| l******o
发帖数: 279 | 4 最缺的是时间和精力,如果没怎么省钱就懒得去麻烦了.
【在 s***g 的大作中提到】
: refi nocost的话有啥trouble？
| l******o
发帖数: 279 | 5 一个点是多少? 0.25?
【在 m**********a 的大作中提到】
: 一般要差一个点才划算
:
: 490
: 14
| m**********a
发帖数: 10817 | 6 1%
【在 l******o 的大作中提到】
: 一个点是多少? 0.25?
| m*****a
发帖数: 1203 | 7 他这30年fix换30年fix，如果是no cost的refi为啥要差1个点才划算？难道不是只要差
一丁点都划算么？
【在 m**********a 的大作中提到】
: 一般要差一个点才划算
:
: 490
: 14
| G*********2
发帖数: 164 | 8 I think your calculation may be a little bit short.
Here is how I will calculate, only using the refinancing rate of 3.75%:
Current rate = 4.25%, monthly P&I = $2,411 for the loan principal amount of
$490,000.
The total interests paid during the life time of the loan = $377,782.
Since you already paid 14 months into your current loan, when you refinance,
your principal is $480,328 (from the loan amortization table / schedule).
This should be your new loan principal.
Refinance rate = 3.75%, monthly P&I = $2,224 for the new reduced loan
principal amount of $480,328.
So, the total interests paid during the life time of the new loan = $320,483.
During the 14 months of your current loan payments, you already paid
interests of $24,075 (also from the loan amortization table / schedule).
So, this refinance will save you interests of $377,782 - $320,483 - $24,075
= $33,224, during the life of the loan.
Remember, for refinancing to a lower rate, all your savings are only
interests, not principal, not tax, not insurance.
In general, for usual / normal refinance, an often used rule of thumb is 2%,
that is, 2% rate reduction, or the 2% rule.
490
14
【在 l******o 的大作中提到】
: 忙得半死还被起意要做 refinance。各位大侠看看我下面的大概计算对不对？假设我们
: 每月都只想付minimum。抱歉下面是英文打好给一个朋友看的，懒的改了。
: Our current rate = 4.25, monthly principal + interest = $2,411 for loan $490
: ,000
: if refinance rate is 3.875, monthly principal + interest = $2,304.
: Total saving in 360 months = $(2,411 - 2,304) x 360 = $38,520.
: We will have paid 14 months until closing, so in the new term we will pay 14
: months more, which is $2,304 x 14 = $32,256.
: The total saving is $38,520 - $32,256 = $6,264.
: if refinance rate is 3.75, monthly principal + interest = $2,269.
| y****i
发帖数: 17878 | 9 the mistake here is that you assume your principle for refinancing is still
$490,000
since you are already 14 months into your mortgage, it would be around $482,
000
otherwise, you'll be doing a cash out refinancing
4.25% to 3.75% or even 3.875% would save you a lot if it's no cost refi
490
14
【在 l******o 的大作中提到】
: 忙得半死还被起意要做 refinance。各位大侠看看我下面的大概计算对不对？假设我们
: 每月都只想付minimum。抱歉下面是英文打好给一个朋友看的，懒的改了。
: Our current rate = 4.25, monthly principal + interest = $2,411 for loan $490
: ,000
: if refinance rate is 3.875, monthly principal + interest = $2,304.
: Total saving in 360 months = $(2,411 - 2,304) x 360 = $38,520.
: We will have paid 14 months until closing, so in the new term we will pay 14
: months more, which is $2,304 x 14 = $32,256.
: The total saving is $38,520 - $32,256 = $6,264.
: if refinance rate is 3.75, monthly principal + interest = $2,269.
| l******o
发帖数: 279 | 10 是的，你说的没错。以前搞过的经验是银行一般就按原来的总额贷了，我初略估算就当
也是一样的总额。现在很穷，能贷49万手头还能松点。
of
refinance,
【在 G*********2 的大作中提到】
: I think your calculation may be a little bit short.
: Here is how I will calculate, only using the refinancing rate of 3.75%:
: Current rate = 4.25%, monthly P&I = $2,411 for the loan principal amount of
: $490,000.
: The total interests paid during the life time of the loan = $377,782.
: Since you already paid 14 months into your current loan, when you refinance,
: your principal is $480,328 (from the loan amortization table / schedule).
: This should be your new loan principal.
: Refinance rate = 3.75%, monthly P&I = $2,224 for the new reduced loan
: principal amount of $480,328.
| | | l******o
发帖数: 279 | 11 谢谢你帮忙仔细算了一遍！所有数字都是只算principal和interest。我还是做30年的
，不然压力太大。30年的，现在4.25，绝然没可能降2%了。
of
refinance,
【在 G*********2 的大作中提到】
: I think your calculation may be a little bit short.
: Here is how I will calculate, only using the refinancing rate of 3.75%:
: Current rate = 4.25%, monthly P&I = $2,411 for the loan principal amount of
: $490,000.
: The total interests paid during the life time of the loan = $377,782.
: Since you already paid 14 months into your current loan, when you refinance,
: your principal is $480,328 (from the loan amortization table / schedule).
: This should be your new loan principal.
: Refinance rate = 3.75%, monthly P&I = $2,224 for the new reduced loan
: principal amount of $480,328.
| m**2
发帖数: 3374 | 12 Your calculation is also a little bit off. To calculate savings, you should
only include the future costs, not the past.
If OP continues to pay the current loan, the monthly P&I = $2,411, he has (
360 - 14) = 346 months left to pay, he will pay $2411 x 346 = $834206
If OP can refinance at 3.75%, the principal is $480,328, the monthly P&I = $
2,224, he has 360 months left to pay, he will pay $2224 X 360 = $800640
So he will save $834206 - $800640 = $33566 if he chooses to refinance.
of
refinance,
【在 G*********2 的大作中提到】
: I think your calculation may be a little bit short.
: Here is how I will calculate, only using the refinancing rate of 3.75%:
: Current rate = 4.25%, monthly P&I = $2,411 for the loan principal amount of
: $490,000.
: The total interests paid during the life time of the loan = $377,782.
: Since you already paid 14 months into your current loan, when you refinance,
: your principal is $480,328 (from the loan amortization table / schedule).
: This should be your new loan principal.
: Refinance rate = 3.75%, monthly P&I = $2,224 for the new reduced loan
: principal amount of $480,328.
| G*********2
发帖数: 164 | 13 Sounds like you do want to cash out that $10,000 equity.
OK, with that, here are the new numbers:
Current rate = 4.25%, monthly P&I = $2,411 for the loan principal amount of
$490,000.
The total interests paid during the life time of the loan = $377,782.
And you already paid 14 months, so the interests for the first 14 months you
paid = $24,075.
And the rest of interests you would pay = $377,782 - $24,075 = $353,707, if
you continue with your current loan.
Now, if you refinance, with a 3.75% rate and the loan principal amount of
still $490,000, then, your new monthly P&I = $2,269, and the total interests
paid during the life time of the loan = $326,936.
So, your savings = $353,707 ($377,782 - $24,075) - $326,936 = $26,771.
And your monthly P&I payment reduction = $2,411 - $2,269 = $142.
I think, in your initial calculations, you also took into account of that $
10,000 equity in your savings.
【在 l******o 的大作中提到】
: 是的，你说的没错。以前搞过的经验是银行一般就按原来的总额贷了，我初略估算就当
: 也是一样的总额。现在很穷，能贷49万手头还能松点。
:
: of
: refinance,
| G*********2
发帖数: 164 | 14 I think your calculation and mine are basically the same. The discrepancy
may be in rounding the numbers.
So, use your method: the monthly P&I = $2,410.51; and the rest of payments =
$2,410.51 x 346 = $834,036.
For the new loan, 3.75% rate, $480,328 principal, the monthly P&I = $2,224.
47, so the total payments = $2,224.47 x 360 = $800,809 (the mortgage
calculate gives $800,810.59).
So, the savings = $834,036 - $800,809 = $33,227.
Now, again, using your method, for the cash out refinance, 3.75% rate, $490,
000 principal, the monthly P&I = $2,269.27; the total payments = $2,269.27 x
360 = $816,937 (mortgage calculator: $816,935.90).
And the savings = $834,036 - $816,937 = $17,099.
But calculating this way, you also take that $10,000 ($490,000 - $480,328 =
$9,672 to be exact) equity into account in the new total payments. So, take
that out, you will have savings = $834,036 - ($816,937 - $9,672) = $26,771.
should
$
【在 m**2 的大作中提到】
: Your calculation is also a little bit off. To calculate savings, you should
: only include the future costs, not the past.
: If OP continues to pay the current loan, the monthly P&I = $2,411, he has (
: 360 - 14) = 346 months left to pay, he will pay $2411 x 346 = $834206
: If OP can refinance at 3.75%, the principal is $480,328, the monthly P&I = $
: 2,224, he has 360 months left to pay, he will pay $2224 X 360 = $800640
: So he will save $834206 - $800640 = $33566 if he chooses to refinance.
:
: of
: refinance,
| m*******r
发帖数: 8950 | 15 去做refi。 refi后，还是按原来4.25%的monthly payment交mortgage。一定是赚的。
【在 l******o 的大作中提到】
: 最缺的是时间和精力,如果没怎么省钱就懒得去麻烦了.
|
|
