https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Fri, 17 Apr 2026 10:12:12 +0000 https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915683 Thu, 21 May 2020 11:10:22 +0000 winter_wonder 2915683@https://boards.hellobee.com/ <p>@Myicitygirl: we got it in 2016, not far at all! </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915680 Thu, 21 May 2020 10:26:02 +0000 Myicitygirl 2915680@https://boards.hellobee.com/ <p>@winter_wonder: how far along are you in your current 30 year mortgage? </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915660 Wed, 20 May 2020 20:03:29 +0000 winter_wonder 2915660@https://boards.hellobee.com/ <p>@Anagram: thanks! </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915644 Wed, 20 May 2020 07:52:36 +0000 Anagram 2915644@https://boards.hellobee.com/ <p>@winter_wonder: and if you want a good App for running numbers, you can download "karl's mortgage calculator" on your phone---you can play around and change inputs and see the changes in your payment, how much interest you'll pay over the life of your whole loan....and you can even put in "extra payments" and see how it affects all of that. So you can put in your current mortgage at 3.2% over 30 years and compare it to 2.5% over 15 years or 3.2% over 30 years with an additional $300 payment toward principal every month, or whatever. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915640 Tue, 19 May 2020 20:40:20 +0000 Anagram 2915640@https://boards.hellobee.com/ <p>@winter_wonder: well, does it have to be an either/or (a 15 year vs retirement savings?). We have a 5 year ARM that we refinanced from our first 5 year ARM, because the rates were so low (at the time-around 2.8%). We always go for the lowest interest rate because we are aggressively paying off our mortgage and the monthly savings was big. But we do also still fully fund our retirements, have some additional investments, etc. but we do have to sacrifice, in terms of our spending habits, compared to most of our friends/peers. We’ve live pretty frugally in general to accomplish our goals. </p> <p>So it may depend on the overall picture? </p> <p>Our original mortgage, with a 30 year mortgage and the rates at that time—the overall interest after 30 years would have been over 350,000. That’s just the interest. </p> <p>With our current mortgage (and including what we paid during the previous 5 year ARM), if we have it paid off before the 10 year mark, we’ll pay 84,000 in interest. So that’s a huge, huge difference. </p> <p>Our retirement accounts have been through the 2008 crisis and what’s happening now (some of our accounts are hanging tough, other have lost so much money we can’t even look at them). so nothing is ever a sure thing, and *maybe* we’d make more putting all the money we’ve put into our house into investments instead—but not paying an additional 270,000 in interest is a sure thing and it’s pretty great? So we’re happy with the choices we’ve made so far. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915639 Tue, 19 May 2020 20:21:41 +0000 Mommy Finger 2915639@https://boards.hellobee.com/ <p>My mortgage broker actually talked me out of doing just that. The rate difference actually isn't that different in the grand scheme of things and his point was that there is nothing stopping you from paying the mortgage off as if it was a 15 year loan but should something unexpected happen, you don't have to pay it that way. Also, you can usually get a better return putting that extra money somewhere else like @karenbme: mentioned. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915637 Tue, 19 May 2020 19:22:34 +0000 karenbme 2915637@https://boards.hellobee.com/ <p>@winter_wonder: It depends—what are the closing costs on the refi relative to what you would be saving? And how does this impact your monthly payment? If it goes up, do you think you could get a better return on your money in another investment vehicle? If you trust the markets to rebound the long term returns on stocks have historically been ~6-10%, which means your money could do more for your family in the market. But if you’re risk averse or don’t want to deal with the hassle of stocks I hear that too.</p> <p>TL;DR we looked at refis recently, too, and decided we could get better returns elsewhere. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915619 Tue, 19 May 2020 15:42:49 +0000 LemonJack 2915619@https://boards.hellobee.com/ <p>@Myicitygirl: Thanks, that had been a concern of mine. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915617 Tue, 19 May 2020 15:36:28 +0000 Myicitygirl 2915617@https://boards.hellobee.com/ <p>@LemonJack: I would say most likely not because the interest is front loaded. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915611 Tue, 19 May 2020 15:00:09 +0000 MoonMoon 2915611@https://boards.hellobee.com/ <p>We did refinance our 30 year loan to a 15 year one, and because of the better interest rate, the monthly payments don't feel nearly as painful as one would think. Your interest rate is an even better deal than what we got (ours was in 2013) </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915610 Tue, 19 May 2020 14:33:46 +0000 LemonJack 2915610@https://boards.hellobee.com/ <p>Wow, that’s a great rate. I would do it. We’ve hesitated to refinance (our current rate is 3.6) because we aren’t sure we’ll be here long term. Would it be worth it for us to refinance to a 15 year term if we only end up staying here a few more years? </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915609 Tue, 19 May 2020 13:48:17 +0000 Myicitygirl 2915609@https://boards.hellobee.com/ <p>@winter_wonder: they usually build that into closing costs. for me I can get it down from 2.75 to 2.625 but it could increase closing costs by $1,300 plus I lose the $1,600 lender credit he is offering, so really I would be paying nearly $3,000 more upfront to save an additional $10,000 in interest over 15 years. so we opted against buying down the rate. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915608 Tue, 19 May 2020 13:44:34 +0000 winter_wonder 2915608@https://boards.hellobee.com/ <p>@Myicitygirl: good question on discount points. Will ask that question to be sure there are no surprises! </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915607 Tue, 19 May 2020 13:43:24 +0000 Myicitygirl 2915607@https://boards.hellobee.com/ <p>@winter_wonder: I absolutely would refinance to 15 years to save money and shorten the term - unless you are not planning to stay in the house long term. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915606 Tue, 19 May 2020 13:41:41 +0000 Myicitygirl 2915606@https://boards.hellobee.com/ <p>@winter_wonder: wow do you have to pay any discount points to get that rate? that is an amazing rate. I’m looking and I can get 2.75 for conventional 15 year fixed in CA. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915605 Tue, 19 May 2020 13:28:58 +0000 DesertDreams88 2915605@https://boards.hellobee.com/ <p>Yes, hands down I would do that. The money you will save in interest will be amazing. </p> https://boards.hellobee.com/topic/refinance-15-year-loan#post-2915604 Tue, 19 May 2020 13:16:34 +0000 winter_wonder 2915604@https://boards.hellobee.com/ <p>All,</p> <p>Would you refinance to a 15 year loan for 2.5%? We're currently on a 3.2% for 30 years. I know people have different thoughts on paying off a loan vs. Saving for retirement, etc. What would you do? </p>