Refi Question

[coder]

Current Loan

Amount Financed: $34,494.70

Maturity Date: 06/08/2010

Terms: 60 months at 7.99%

Payments: $701.59

 

 

Refinance Loan

Amount Financed: $26,744.82

Loan Amount: $24,069.83

Finance Charge: $2,674.99

Maturity Date: 03/09/2011

Terms: 48 months at 5.25%

Payments: $557.19

Edited March 9, 2007 by coder

[MarvBear]

would the original poster wish this moved to the money management forum?

[coder]

that's fine Marv. I hoped for your insight.

 

Thanks.

[MarvBear]

moving to the money management forum.

 

and

 

a bump

[loch_ness]

Current Loan

Amount Financed: $34,494.70

Maturity Date: 06/08/2010

Terms: 60 months at 7.99%

Payments: $701.59

 

 

Refinance Loan

Amount Financed: $26,744.82

Loan Amount: $24,069.83

Finance Charge: $2,674.99

Maturity Date: 03/09/2011

Terms: 48 months at 5.25%

Payments: $557.19

 

 

I guess it would depend on your goals. Here's how I would look at it (sorry, don't feel like counting the months left on the loans myself!):

 

1) # of payments left on loan #1 x $701.59 = cost of 1st loan

2) # of payments on loan #2 x $557.19 PLUS whatever amount down you'd have to put = cost of 2nd loan

 

But if you need to get a lower monthly payment then yes, refinance.

[squirrelgirl]

I've refinanced just to lower interest by .75%... mainly because I disliked the bank that did the original loan.

 

If you need to lower your DTI, it would make sense.