Question by newgrampa: Is it worth refinancing your mortgage for only 1% interest drop?
After 25 years same location, I am considering refinancing thru the same lender. I will save $ 300 per month, but extending loan out to 30 yrs. – I will be 88 years old if I never pay extra on the loan….That will be interesting!, lol
Best answer:
Answer by Iffy
No unless there are zero closing costs
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No you won’t. Nearly all of your current payment is going to principal. Extending your mortgage out will mean that you will pay multiples of the interest that you otherwise pay.
And I doubt if you will be able to refinance anyway.
Are you saying that you are 25 years into a 30-year loan now? If that’s the case, then hell no!