You want to buy home for 400000$.But your cash down payment is 50,000$.You will need to borrow 350,000 from the bank.Mortage 30-year fixed rate is 6.15% (compounded monthly)bank will help you extend rate based on your credit history.

1)after 2 years(after 24th payment has been made)the 30 year mortgage is now 5.23%.if you refinance your loan on over 30 year period,what is you monthy payment?Lets say the bank charges 2500$ refinance fee.