Mortgage rates still remain at an all-time low.  If you are still in a 30-year mortgage and can afford a few hundred dollars more a month, now is the perfect time to consider refinancing your existing mortgage to a 15-year mortgage.  Most refinances can be done with no money out of your pocket too!

According to Freddie Mac’s most recent weekly mortgage rate survey, 30-year interest rates now average 3.85% nationwide; and, 15-year rates now average 3.07%.

In most instances, your payments will only go up a few hundred dollars a month.

Scenario 1: 30-year loan, no refinance

Pat gets a $200,000 mortgage at 5 percent and pays it off in 30 years:

30-year fixed
Interest rate 5%
Loan amount $200,000
Monthly payment $1,074
Total interest paid $186,512

Scenario 2: Refinance to 15-year loan

Alex gets a $200,000 mortgage at 5 percent. Five years later, Alex refinances the outstanding balance of $183,349 into a 15-year mortgage at 3.5 percent:

First 5 years: 30-year fixed
Interest rate 5%
Loan amount $200,000
Monthly principal and interest $1,074
Interest paid in 5 years $48,841
Next 15 years: 15-year fixed
Interest rate 3.25%
Loan amount $183,349
Monthly principal and interest $1,288
Interest paid in 15 years $48,552
Total interest paid in both loans $97,393

*Chart borrowed from


When you get ready to buy, sell or refinance, make sure to give us a call before you sign!

Shupe Dhawan is a boutique law firm located in Fort Lauderdale, Florida with experience handling highly complex transactional and litigation matters.  We can help you start and manage your business, buy and sell real estate, plan your estate, file a lawsuit on your behalf or defend you in litigation.  Our team of experienced attorneys have over 20 years of experience and take great pride in the quality litigation and transactional representation we deliver.  You place your trust in us and we make sure that we go the extra mile to get you the best possible result!  Make an appointment for your free legal consultation today.

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