Back to Results

Tools

Partner Tools


Only 9 years left of a 15 year fixed 5% - is it worth refinancing?

Profile picture for acmedia
Contributions: 1
We could lower the monthly payments but would be paying them for a longer period - we're not planning on moving, we're not hurting, and the house value is more than double what we owe.

So what would you do?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 18 - Fremont
RSS

Answers (7)

Best Answer
Profile picture for SeattleHome.com
Real Estate Agent

View my 7 listings

Contributions: 2571
Zillow All-Star

Since February 2009

The lenders have spoken.  Great loan, you're not hurting, stick with it.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 18
Profile picture for Bud Smoker
Contributions: 52
Zillow All-Star

Since September 2009

I would say just walk away from the house and let the bank foreclose. All the cool people are doing it! ;OP
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 18
Profile picture for geordy
Real Estate Agent

View my 11 listings

Contributions: 945
Zillow All-Star

Since February 2009

Take the amount of money it would cost to refi and apply it to your principal balance instead. 
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 18
Profile picture for SteveFelty
Mortgage Lender

Lender rating

4.6/5.0

View ratings and reviews

Contributions: 120
Zillow All-Star

Since August 2009

Your question cannot be answered unless one knows your principal balance.  You need simply to compare the current interest cost with the cost of interest on a new loan, then divide that savings into the closing costs to determine how many months you need to keep the loan to break even. 

If you owe less than 150k, and the closing costs are $3,600; you would break even on a 4.25% rate in 36 months.  however if you owe 400k with the same closing costs, you'd break even in about 14 months.  

With a conforming loan, you can always pay additional principal to payoff your mortgage on your own schedule.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 18
Profile picture for CHUTTA
Real Estate Agent

View my 9 listings

Contributions: 2545
Zillow All-Star

Since October 2009

Stay with what you have. 

  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 18
Profile picture for CA UMB
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 2747
Zillow All-Star

Since January 2009

My first response is to stay with what you have. Although you may consider an interest only arm. Rate could be as low as 4.7% I/O. If you made your current 15 yr fixed payment every penny over the I/O payment would go towards reducing your principal balance. ... Something to think about. ... Zillow has a Amorizaation Calculator were you can play with the numbers. ..... Best wishes, Rudi
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 18
Profile picture for Rob Cochems
Mortgage Lender

Lender rating

4.7/5.0

View ratings and reviews

Contributions: 3523
stay with what you got.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 18
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

 
Top Lenders
Ratings
Subscribe via RSS
  1. 5.0/5.0

    21 reviews
  2. 5.0/5.0

    20 reviews
  3. 5.0/5.0

    20 reviews
  4. 5.0/5.0

    15 reviews
  5. 4.8/5.0

    45 reviews
Related Questions
Question Only 9 years left of a 15 year fixed 5% - is it worth refinancing?
  • Latest answer by Bud Smoker
  • March 18
Need a Mortgage?

Zillow Mortgage Marketplace

  • Competitive rates
  • Accurate, custom quotes
  • Thousands of lenders

... and, it's free and anonymous

Get instant mortgage quotes
Estimated purchase price Current mortgage balance Desired loan amount
98104

Learn about Zillow Mortgage Marketplace

Zillow Poll:
Suggested by Diane Tuman
Which Celebrity Foreclosure do you Feel Most Sorry For?
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

pageName