Business, 05.05.2020 04:00 danielle1572

Illip bought a $410,000 home. He took out a 30 year mortgage for $328,000 at 5.7% interest and has been making monthly payments of $1,903.71 for 18 years. He has paid off $129,778.65 of his principal. Interest rates have dropped and Phillip is considering re-financing. He could take out a new 30 year mortgage at 2.7% interest with monthly payments of $803.98. Phillip would like to pay the least possible total interest over the remainder of his mortgage. Compute the total remaining interest for his current mortgage and the total interest for the new mortgage he is considering. In light of his goal, should he refinance?

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Illip bought a $410,000 home. He took out a 30 year mortgage for $328,000 at 5.7% interest and has b...

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