41 yr old Single mother, on disability. I live in Tennessee. The house I live in, My ex husband and I paid cash when we first moved in. Then we went and took out a 40,000.00 loan. The loan is a 5 yr refin. balloon payment.
My payments for the house is 326 a month, its time to refinance and I was wondering how much extra each month should I pay to pay the loan off in 5 yrs, before I will have to refinance again?
Tonya
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Steve
Steve
It would be anywhere from $725-$825 depending on the interest rate. I agree with Damon though, if you are refinancing anyway you should get a long term fixed rate loan and just pay it off as quickly as you can. This way you will have the flexablility to make adjustments if anything changes in your financial situation.
It would be anywhere from $725-$825 depending on the interest rate. I agree with Damon though, if you are refinancing anyway you should get a long term fixed rate loan and just pay it off as quickly as you can. This way you will have the flexablility to make adjustments if anything changes in your financial situation.
Without knowing the interest rate I’d guess that she would have to pay at least $750 to $800 per month at a 5% interest rate. I would suggest if you have the cash pay it off sooner, because if something changes with your income or credit you could lose the home if you can’t refinance.
The payment is very manageable and you shouldn’t have a problem paying it off even sooner if you focus on it.