Deciding to Refinance a Mortgage

Recent mortgage rates are averaging just slightly over 5%! That's way lower than the rates america had recently seen around 2-5 years ago. Which makes right now a prime time to refinance your mortgage, because it could significantly lower your monthly payments. Plus in the long run you will significantly lower the total cost of your home. Below are two examples of simple amortization tables, before and after refinancing.

 

Below is the amortization schedule after refinancing your mortgage. You can cleary see the difference in principle payments and interest reduction.