Original: 30 yr mortgage in June of 2010 of 154,000 at 4.875 with no PMI.
Current info: Balance of $142,710
Payment breakdown:
Principal & Interest $814.98
Homeowner's Insurance(s) $55.50
City Tax $260.92
Shortage $15.96 (I think Escrow)
Scheduled Payment: $1,147.36
Property Taxes Paid Last Year: $3,130.97
My goal is to sell the house in 3-7 years. I would obviously like more equity in the house at time of sale, so I thought a 20 year would help? I recently obtained rates: 3.99 w/no closing costs and I would escrow taxes/insurance myself (not a big deal for me). I know my monthly payments would be higher, but would I break even once the house is sold? Er, how many years until I break even? Can that be calculated.
Thanks!
Read more: Worth refinancing? Have all the data necessary.I think?!
