HELP!! To Refinance or not to refinance...THAT is the question.

[Lawanda Curtiss]

From reading various forums here, I've decided to try to refinance my primary residence. In the past, I was approved to refi. However, I didn't think the monthly savings was worth the work. I currently have an FHA loan at 5.8%. I've been offered to refinance using a conventional loan at either 4.8% for 30 years saving about $120/month or 3.5% for 15 years, paying about 20 bucks more than I'm currently paying. Those are the preliminary offers pending approval. Should I go for it???

[Brie Schmidt]

@Lawanda Curtiss - if it were me I would do the 15 year.

On a $100k loan for 30 years at 5.8% you will pay $111k in interest

On a $100k loan for 15 years at 3.5% you will pay $29k in interest