Consider a 15-year 155000 mortgage with a rate of 0595, Financial Management

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Consider a 15-year 155000 mortgage with a rate of 0595

Consider a 15-year, $155,000 mortgage with a rate of .0595 percent. Eight years into the mortgage, rates have fallen to 5 percent. What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate for the same maturity date?

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Financial Management: Consider a 15-year 155000 mortgage with a rate of 0595

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Financial Management: Consider a 15-year 155000 mortgage with a rate of 0595

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