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Leland Stanford obtained a 30-year, 7% $200,000 mortgage He…
Leland Stanford obtained a 30-year, 7% $200,000 mortgage He has made monthly payments on this mortgage for the past 15, and he would like to refinance his loan. He has learned that his bank is offering 15-year loans at 6%, but the closing costs to refinance are $6,500. What is the return on investment of refinancing if Leland plans to remain in his home for the next 15 years?
Leland Stanford obtained a 30-year, 7% $200,000 mortgage He…
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Lelаnd Stаnfоrd оbtаined a 30-year, 7% $200,000 mоrtgage He has made monthly payments on this mortgage for the past 15, and he would like to refinance his loan. He has learned that his bank is offering 15-year loans at 6%, but the closing costs to refinance are $6,500. What is the return on investment of refinancing if Leland plans to remain in his home for the next 15 years?