We refinanced today!

**militlady** · 08-27-2009, 02:53 AM

We refinanced our mortgage today, for 2% lower than before. I am so excited. Some people may think that we made a mistake by including our car loan and a personal loan into the refi but we are going to keep paying the same amount of the total on the new loan. We will pay off the new loan in 10 years instead of 27 years and save over $80000 in interest over all.

**frugalfranny** · 08-27-2009, 04:09 AM

Way to go!

**Nana2two** · 08-27-2009, 07:17 AM

Nothing wrong with that. Way to go.

**savvy_sniper** · 08-27-2009, 07:23 AM

WTG! A friend did the same thing. It made financial sense.

**hotprincesscm** · 08-27-2009, 07:32 AM

Good job! Sounds like you did wonderful to me!

**mommy4ever** · 08-27-2009, 09:12 AM

We did the same thing, got rid of everything but the mortgage. It makes it so easy over all. We also have money in savings now, a substantial. We pay extra too, so we get things done in under 10 instead of 25.

**Greebo** · 08-27-2009, 09:30 AM

militlady,

Believe it or not, if you run the math, you'll find that long term you'll save even more money if you pay the minimum on your new house payment and apply the rest to eliminating your higher interest debts as fast as possible.

Specifically:
personal Loan #2 $665.00/$2150.00
Credit card $313.18/$3,355.49
Personal Loan $1021.86/$8000.00

I have run numbers on situations like this before - if you need the hard numbers I can show you, but it will be a while before I can take the time to set it up.

**mommy4ever** · 08-27-2009, 10:04 AM

Greebo, I think she included the personal loans into the mortgage.

**Greebo** · 08-27-2009, 10:06 AM

Oh she did mention a personal loan, didn't she.

What about the CC and other personal loan?

**militlady** · 08-28-2009, 02:02 AM

Originally Posted by Greebo

militlady,

Believe it or not, if you run the math, you'll find that long term you'll save even more money if you pay the minimum on your new house payment and apply the rest to eliminating your higher interest debts as fast as possible.

Specifically:
personal Loan #2 $665.00/$2150.00
Credit card $313.18/$3,355.49
Personal Loan $1021.86/$8000.00

I have run numbers on situations like this before - if you need the hard numbers I can show you, but it will be a while before I can take the time to set it up.

Hey greebo, Thanks for the offer. All of that is going into the loan. So we will only have 1 payment a month instead of 5. That is one of the reasons why we will be able to pay it down so much faster. We are going to use all of the money we would have paid to those bills and put it on the new mortgage.

**Greebo** · 08-28-2009, 04:38 AM

Originally Posted by militlady

Hey greebo, Thanks for the offer. All of that is going into the loan. So we will only have 1 payment a month instead of 5. That is one of the reasons why we will be able to pay it down so much faster. We are going to use all of the money we would have paid to those bills and put it on the new mortgage.

And you're canceling the credit cards and closing the personal loans at that time.

Right?

RIGHT???

**militlady** · 08-28-2009, 05:03 AM

absolutely!!!

**militlady** · 08-28-2009, 05:06 AM

We still have to make our normal payments for September and close all the paperwork on the 17th or 18th. Then our new payment is due on November 1st. All these are included in the new loan:

personal Loan #2 $665.00/$2150.00 (except this one. No interest and no regular payment due.)
Credit card $313.18/$3,355.49
Personal Loan $1021.86/$8000.00
Car $5082.40/$22,400.34
Mortgage $1039.39/$100,588.49

**MissGotRocks** · 08-28-2009, 09:47 PM

Congrats on the refinance! I refinanced recently for a 1.25 point drop, and went from a 30 year to a 15 year and the payments stayed the same!! I was so pleased!