Need to compare my current mortgage with the possibility of a refinance.
I currently have a mortgage that I am 12 years into. $155,000 at 8.5% for 30 years. I have been pre approved for a lower rate. 4.5%. But because I am 12 years into my current 30 year mortgage, more principal is being paid off. I am having a hard time deciding which route I would save more money on. With a new 30 year at half the interest (with a lower payment I could easily make extra payments to apply toward principal) or keep the structure the way it is in spite of the 8.5% due to the age of the loan.