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
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.