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Does this refinance make sense?
Current Home value: 278000
Outstanding Principal: 257000
Current Mortgage:
5/1 ARM conventional started 5/1/2010 with principal of $269900 and interest 3.875%
I pay about $150 on PMI per month
Refinance to:
20 year fixed conventional at 3.65%
I will pay about $130 in PMI per month
There are no closing costs or any other fees (appraisal fee is refunded).
On a quick glance, this looks good to me. Just want a second opinion.
I do have about $50000 that i can put towards the principal.But comparing that move to putting it for fixed deposit (~9% in India), I am thinking the latter is better even after tax considerations. It will be an Non resident account and so tax on interest will be paid in USA. I hope my math is right...
Outstanding Principal: 257000
Current Mortgage:
5/1 ARM conventional started 5/1/2010 with principal of $269900 and interest 3.875%
I pay about $150 on PMI per month
Refinance to:
20 year fixed conventional at 3.65%
I will pay about $130 in PMI per month
There are no closing costs or any other fees (appraisal fee is refunded).
On a quick glance, this looks good to me. Just want a second opinion.
I do have about $50000 that i can put towards the principal.But comparing that move to putting it for fixed deposit (~9% in India), I am thinking the latter is better even after tax considerations. It will be an Non resident account and so tax on interest will be paid in USA. I hope my math is right...
