Mortgage rates?

Couple of questions. 1. Does anyone think the mortgage reates will go any lower?

If I took out a 15 year loan at 4.62% on a 190 k loan - my payments are around $1750/mo if I do a 30 year loan the interest is at 5.25% but the payments are only $1350/mo gives some room in case an emergency would come up.

BUT what if I were to take the 30 year at 5.25%($1350/mo)AND paid $1700/mo, an extra $350 in principle a month. Would I come close to the 4.62%. Not exactly sure how to calculate that. Any advice would be appreciated!

Mortgage rates?

They can't go too much lower.

My personal feeling is that you should do the 30-year fixed with NO prepayment penalty (crucial you do that). Then, pay more per month, sending something and mark it %26quot;principle only%26quot; and you'll be in business.

To see what you can do, go here:

http://www.bankrate.com/brm/mortgage-cal...

you can enter any figures you want for extras and see what happens. It's a beautiful thing.

Why the longer period? For precisely the reason you mentioned: if something happens and you can't do extra, you don't, and there is NO penalty.

Mortgage rates?

u have a great rate on ur 15 year, payments are high, and if u can afford it leave it alone, u r buiding equity, taking a 30 yr note is going to cost u lots over the additonal 15 years, yes u will not have to pay out 400 amonth but total loan over 15 yrs is 315000 vs 30 yrs is 486000 if u want to spend 171000 for time to save 400 in cash flow a month things should be in a desperate situation, not counting opps closing costs on the new loan., yes it would be great to send an extra 350 a month and everyone says they will do it religiously, but stuff happens and u dont, so if u want to blow 171000 sent it to me lol. dont do it, u will probably not see 4.62% interest again, let alone is the house maintaining its value. think twice before u do this not the wisest idea. gl

Mortgage rates?

go to any mortgage calculator web site and get the ammortization table they offer you. You can see how much extra applied principle will deduct the term of the loan.