4 replies to this topic

[IheartLoopHoles]

Hi Everyone,

So I have been looking for a good calculator to use that will show me if I should refi or not with this whole MIP change that took place a few months ago.

I bought in Sept. 2010 and have a fixed rate of 5%. Purchase price was $240k and my payments are $1,679.

Can someone point me in the right direction which will show me if it is beneficial to refi or not? Not sure if I could go conventional?

Thanks!

[Brian B The Loan Professor]

Hi Everyone,

So I have been looking for a good calculator to use that will show me if I should refi or not with this whole MIP change that took place a few months ago.

I bought in Sept. 2010 and have a fixed rate of 5%. Purchase price was $240k and my payments are $1,679.

Can someone point me in the right direction which will show me if it is beneficial to refi or not? Not sure if I could go conventional?

Thanks!

If you do the just the interest (assuming principal payment remains close) you would save approximately $250 a month.
Thats a sizable amount - The PMI will be a little higher but not a lot negating a few dollars off of that.
If you have the money to cover the closing costs a streamline refi would be the quick way to go. If you have equity and want to pay for an appraisal you can add the costs into the loan and not have to down grade the savings.
I dont know of any calculators online

Hope this helps
Brian

[luckydriver]

are you sure a sept 2010 loan wont have a LOT more MIP? thats when i closed and i swear i saw the new MIP numbers and in my case i would go from about 75 bucks to 175 if i refied out now, i know i have the data somewhere on an old thread here but the 100 extra in MIP swallowed up any savings goign from 4.5 to even a 3.5 loan.

i specifically remember you telling me because of my close date i dont fall under some new cheaper MIP that came out this year and am stuck with the old because i wouldnt had minded refi again

[IheartLoopHoles]

Yes, this was the exact conundrum I find myself in. I thought my MIP would skyrocket, offsetting any savings. But I wanted to see it with my own two eyes.

[Brian B The Loan Professor]

are you sure a sept 2010 loan wont have a LOT more MIP? thats when i closed and i swear i saw the new MIP numbers and in my case i would go from about 75 bucks to 175 if i refied out now, i know i have the data somewhere on an old thread here but the 100 extra in MIP swallowed up any savings goign from 4.5 to even a 3.5 loan.

i specifically remember you telling me because of my close date i dont fall under some new cheaper MIP that came out this year and am stuck with the old because i wouldnt had minded refi again

Things have changed so much I have to look at the payments to determine - I know they missed the window for the lowered payments but I was thinking it was at 1.10% at that point and now is at 1.25% - If it was still at the lower .55% then yes it will more than double.