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Posted on Aug 09, 2024

Two years ago, you took a 1 0 - year fully amortizing, fixed rate mortgage for $ 1 0 0 , 0 0 0 at

Two years ago, you took a

10 -

year fully amortizing, fixed rate mortgage for $

100, 000

7.5 %

.

.

compounded monthly.

Today, you refinance into a new mortgage with maturity in

8

years and interest rate

5 %

.

.

compounded monthly.

Your monthly payment is reduced by $

___

because of refinancing.

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