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Mortgage Example 2 (Refinancing)

Mortgage Example 2 (Refinancing) - After 120 months of...

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Mortgage Example 2 (Refinancing) Mary has a $135,000 mortgage with monthly principal and interest (P&I) payments of $809.39. Her mortgage is a conventional 30-year mortgage with 0.5% per month interest.
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Unformatted text preview: After 120 months of payments, Mary has an opportunity to refinance. Her new mortgage is a 15-year mortgage with a 0.4% per month interest rate. What will her new monthly payments be?...
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