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I'm trying to figure out refinancing my house. I have a choice of paying $6,000 in closing costs for a 3.625% rate (but rolling that amount into the amount of my loan), or paying no closing costs, but having a higher rate of 4.0%. This is for a 15 year mortgage. What would be cheaper in the long run, paying 3.625% on the 6k closig costs rolled into the loan for 15 years, or paying an extra 0.125% on $295,000 for 15 years?
There are 2 key components to this decision. The amount of the loan fees to get the lower interest rate (not the closing costs- which include $2,000 or more in costs that have nothing to do with the lower interest rate). And the big unknown is the time you stay in the house. If you pay the money upfront, you have to stay in the house for 6 years before you recoup your money. So if you stay 7 years, you were a genius to pay for the lower rate. if you move before 6 years, you wasted the money.
I'd start by figuring out the P&I both ways, and add them up over the life of the loan. Compare the two figures. Here's a mortgage calculator to play with: 4% loan for $295k gives you a payment of $2182.08. The 3.625% loan for $241k gives you a payment of $2,170.32 $11.76 per month for 180 months is $2,116.80. The difference in monthly payments is so small that I'd go with the lower one and pay the closing costs. Don't forget to add taxes, insurance and oklahoma is necessary. Once those figures are added in it may make a difference.
If you've got the money, pay it now. Failing to pay it means it is rolled into the loan. That means more interest payments over the life of the loan.