I'm eight years into a 30 year mortgage, having paid off about 10% of the total amount of the original loan. Does it make sense to refinance now if I can get a rate that is about 5/8 of a point lower than my current rate? This would shave about $250 off of my monthly payments. But then I'll still be paying for this loan for eight additional years after the original one would have been paid off, right? How do I calculate how much additional $$ I'll owe overall, and how do I decide whether paying more later is worth saving money now?
posted by ericbop on Oct 26, 2009 - 16 answers

Is it really that much better to pay off a mortgage in bi-monthly payments rather than once-a-month payments? [more inside]
posted by Spyder's Game on Oct 4, 2008 - 13 answers

Can I sell my place if I'm on a repayment plan for its mortgage? [more inside]
posted by hamster on Feb 14, 2008 - 2 answers

Having bought a house, I'm now faced with paying a mortgage. You save a few bucks (and the effort of remembering to mail a check each month) if you have the payments deducted automatically from your bank account; is there any reason I shouldn't do this (assuming I keep enough of a balance to cover it)?
posted by languagehat on Jan 2, 2004 - 12 answers