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Can't wrap my head around the numbers tonight

Willwillx 1,536 231 November 4, 2015 at 06:58 PM
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I've tried different calculators, and i am coming up blank, here's what i want to know.

I have 2 loan options 1 is 468k at 4.375
the other is 417k (non jumbo) at 4.25% I know the rates are high, and i'll refinance it later.My loan officer has been taking care of me for months and very nice.So i'll stick with these rates because i am happy with them.. OK now that disclaimer is over. My question is this... How much money do i save over the course of the loan with the combined 4.25% and lower loan amount of 417 vs 468k.

I am anticipating on paying this off sooner than later.So i'll make extra payments when i can.

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#2
30 year FHA refinance fixed rate loan interest rates are being quoted at 3.75%

jumbo 30 year refinance loan deals have been offered at 4.125%


I am glad hes a friendly guy your giving him $$$$$$$$$$
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#3
$468k @ 4.375 - After 5 years = $100k in interest @ 30 year mortgage
$468k @ 4.125 - After 5 years = $93k
$468k @ 4.000 - After 5 years = $90k

Treat mortgage officers as car sales men/women. I'm 29 and have bought two homes (sold one) and for the past two times I've contacted two-three mortgagee officers, started the process of getting all the 'basic' paperwork into them, when we found a house we wanted to move forward with I would ask all three at the same time...what's your rate with my name on the loan. All three would reply with their 'current' rates (Rate and APR) and I would of course choose the lowest.

My first house I kept for less than 5 years, but even so I would want to keep every thousand I could...especially if I were in a situation of 'loosing' money on a home.

BankRate.com has a simple calculator w/ amortization chart. Don't throw your money away. He's friendly now of course, but you probably won't hear from him again after this transaction...besides a 'friendly' Christmas card to remind you to send clients his way Wink

It's not hard find another loan officer to protect your investment; people switch mortgage officers all the time.
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#4
Quote from Willwillx View Post :
I've tried different calculators, and i am coming up blank, here's what i want to know.

I have 2 loan options 1 is 468k at 4.375
the other is 417k (non jumbo) at 4.25% I know the rates are high, and i'll refinance it later.My loan officer has been taking care of me for months and very nice.So i'll stick with these rates because i am happy with them.. OK now that disclaimer is over. My question is this... How much money do i save over the course of the loan with the combined 4.25% and lower loan amount of 417 vs 468k.

I am anticipating on paying this off sooner than later.So i'll make extra payments when i can.
Put it in to a mortgage calculator; there are plenty on google.

468k at 4.375% for 30 years is a ~$2330 monthly payment and ~$373k total paid in interest.
417k at 4.250% for 30 years is a ~$2050 monthly payment and ~$321k total paid in interest.

So, you pay roughly $50k less in interest by taking the smaller loan with the lower rate. Most of that is due to the smaller principal of the loan, not the lower rate. Bankrate's calculator [bankrate.com] allows you to view the amortization schedule, and go through various "what if" scenarios, so you can see how paying off the loan sooner will impact the total interest you pay in each case.
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Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?
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