Need some help figuring out what to do with our mortgage. We rushed in to getting a place with little down payment, but didn't do a physician loan.
We are fairly certain that we are going to stay in our place for at least next few years. We still have a huge amt of student loans (350k - 2.6-3.9%)
We went through the pre-approval process with SoFi. Our current loan is through Nationstar. What do you all think?
Current Mortgage (not the best)
Refinance SoFi terms:
We can certainly pay the extra $1000 in monthly payment, but is getting down to 3.25% and no PMI worth the increased payment, rather than using the money to pay off student loans, assuming we are maxing out our tax-deferred accounts?
We are fairly certain that we are going to stay in our place for at least next few years. We still have a huge amt of student loans (350k - 2.6-3.9%)
We went through the pre-approval process with SoFi. Our current loan is through Nationstar. What do you all think?
Current Mortgage (not the best)
- 4.125% 30 yr-fixed+
- Paying PMI - $171/month - if we pay minimum payment it goes away in 2024.
- Current Loan amount is $366k
- Monthly payment $2482
- We initially purchased for around $400k 2 years ago, and now estimated value is about $475k
Refinance SoFi terms:
- 3.25% 15 yr fixed (30 yr was only going to get us down to 4%)
- No PMI
- Monthly payment $3400 (Principal&Interest $2573+Taxes, insurance $826)
- Cash to Close - $5376. (**Is this normal? Appropriate?)
We can certainly pay the extra $1000 in monthly payment, but is getting down to 3.25% and no PMI worth the increased payment, rather than using the money to pay off student loans, assuming we are maxing out our tax-deferred accounts?
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