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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Good at math? Help me.
If I had to pay 2.15% of , say, 350k, I figure that'd be 7,522.85.
However, if I added this into a loan amount ("rolled it into a loan), at a fixed rate of 5.25%, it would be an additional $41.54 a month on top of the mortgage. Pennies, right?
Basically, I'm trying to figure out if I'd be better off paying the fee upfront or just throwing it into the mortgage...but I don't want to pay more in interest over 30 years, KWIM?
I'm so dumb when it comes to math. Horrible, in fact.
eta: i'd ask my guy, but he's not in now.
Message edited 4/28/2010 6:56:35 PM.
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Posted 4/28/10 6:51 PM  |
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ttcc
LIF Toddler
Member since 7/09 453 total posts
Name:
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Re: Good at math? Help me.
$41.54 a month over 30 years will be $14,954 so you will end up paying about double the original amount.
Do you have the $$ to pay up front, it will cost less in the end. But over the life of a 30 year mortgage it is not the end of the world.
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| Posted 4/28/10 7:08 PM |
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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Re: Good at math? Help me.
Posted by ttcc
$41.54 a month over 30 years will be $14,954 so you will end up paying about double the original amount.
Do you have the $$ to pay up front, it will cost less in the end. But over the life of a 30 year mortgage it is not the end of the world.
you are the best! 
yeah, I can pay it up front...but was highly advised not too..but I'm a cheapo, and don't like paying more than I think I should...
thanks so much!!
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| Posted 4/28/10 7:13 PM |
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