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Refinance a mortgage
Hi all, we have 2 mortgages one $188,000 @5.01% with 20 1/2 years left and one of $78,000 @6.25%. I want to refinance our mortgage of $266,000 with a 30 year at 3.50% and my wife wants a15 year at 2.875%. Please guide me on the best course of action. Thank you
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Under the 15-year mortgage you will build equity much faster, and over the term of the mortgage you will pay a lot less in interest charges. So if you can afford the higher monthly payment it makes sense to go with the 15-year mortgage. On the other hand if paying a lower monthly amount for your mortgage frees up cash for you to pay off other outstanding high-cost debt - such as credit cards - or if it would allow you to build up your savings safety net, or invest more in your 401(k) plan or an IRA, then the 30-year might make sense.
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