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Refinance with Low Remaining Amount?

I have a 15 year mortgage with a 5.95% rate . I have 10 years left of payments. The balance is $42,000, Should I refinance with such a low balance? Chandler,AZ | Oct 4th 2010
by Jessica...
Answer


by BrianEs...

Hi Jessica, It looks like you would be best off just keeping the loan that you have. Even if you were to get a rate of 3.5% on a 10 year loan, you would still be repaying almost $50,000 total for the new loan excluding closing costs. Your current loan will cost you $55,827 over the next 10 years.

Oct 4th 2010
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by CaPortf...

Don't expect more responses Jessica. All loan originators would agree with Brian.

Oct 5th 2010
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