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Consider a 30-year, $165,000 mortgage with a rate of 5.85 percent. Eight years into the mortgage,...

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Finance

Consider a 30-year, $165,000 mortgage with a rate of 5.85percent. Eight years into the mortgage, rates have fallen to 5percent. What would be the monthly saving to a homeowner fromrefinancing the outstanding mortgage balance at the lower rate?(Do not round intermediate calculations. Round your answerto 2 decimal places.)

Savings:

Answer & Explanation Solved by verified expert
3.9 Ratings (506 Votes)
Information provided Present value 165000 Time 30 years12 360 months Interest rate 58512 04875 per month The amount of monthly mortgage payment is calculated by entering the    See Answer
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