updated after calculation - 回复：You need recalculate你再算算，论点论据相勃

来源: tianming 于 2008-06-07 17:27:47 [] [博客] [旧帖] [给我悄悄话] 阅读数 : (1189 bytes)
回答: Option 2 is better for refinance 由 tianming 于 2008-06-07 10:18:27

30/20/15 years term comparison:
Monthly pay is the key. Term is almost irrelavent. That mean if you maintain the same amount of payment for different loan terms, total interest paid over different terms (30/20/15) is almost same.

Loan term: 30 years
loan amount: 320,000
rate: 5.75%
monthly pay: 1867.43
total interest paid: $352,275

Loan term: 30 years
loan amount: 320,000
rate: 5.75%
Monthly: $2334.29
total interest paid: $202,337

Loan term: 30 years
loan amount: $400,000
rate: 5.75 %
monthly pay: $2334.29
extra pay at 1st month: $80000
total interest paid over 30 years: $203,453

Loan term: 20 years
loan amount: $320,000
rate: 5.75%
Monthly pay: 2246.67
total interest paid over 20 years: $219,200

loan term: 15 years
loan amount: $320,000
rate: 5.75%
monthly pay: 2657.31
total interest paid over 15 years: $158,316

loan term: 30 years
loan amount: $320,000
rate: 5.75%
monthly pay: 2657.31
total interest paid: $158,295

Loan term: 20 years
loan amount: $320,000
rate: 5.75%
monthly pay: $2334.29
total interest paid over 20 years: $202,338

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