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The original mortgage on your home was $250,000 and it was a 30-year fixed rate at 5.5%. It has been 5 years and 8 months
The original mortgage on your home was $250,000 and it was a 30-year fixed rate at 5.5%. It has been 5 years and 8 months since your mortgage began. You have made all of your payments on time. You are considering refinancing your home on a 15-year mortgage. The cost of refinancing your home is 2% of the current loan amount. What is the highest interest for a 15-year mortgage where it is worth it to refinance. Note, you can invest your funds at a rate of 2%.
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