zubs
Well-known member
I have a Rental property with these stats:
Loan: $570,000 @ 3.5%
After 8 years, loan is @ $470,000.
Approximate interest paid after 8 years $146,501
Total interest to be paid after 30 years on a $570,000 loan @ 3.5% is $351,440.
So if I continue paying for 22 more years I will pay (351,440 - 146,501) $204,939 more in interest.
Monthly payment: $2,560
I looked at lenderfi and owning and they show I can refinance the rental property as follows:
Loan: $470,000 @ 3.25%
Total interest paid after 30 years on $470,000 loan @ 3.25% is $266,369.
Monthly payment: $2,045
So I can lower my monthly payment by adding 8 more years to my loan which adds another (266,369- 204,939) $61,430 in interest expense.
Is my math right? Would you refinance and put the extra $500/month into the stock market?
Loan: $570,000 @ 3.5%
After 8 years, loan is @ $470,000.
Approximate interest paid after 8 years $146,501
Total interest to be paid after 30 years on a $570,000 loan @ 3.5% is $351,440.
So if I continue paying for 22 more years I will pay (351,440 - 146,501) $204,939 more in interest.
Monthly payment: $2,560
I looked at lenderfi and owning and they show I can refinance the rental property as follows:
Loan: $470,000 @ 3.25%
Total interest paid after 30 years on $470,000 loan @ 3.25% is $266,369.
Monthly payment: $2,045
So I can lower my monthly payment by adding 8 more years to my loan which adds another (266,369- 204,939) $61,430 in interest expense.
Is my math right? Would you refinance and put the extra $500/month into the stock market?