Mortgage rates nationwide are near historic lows making it an opportune time for homeowner’s to consider refinancing. According to Bankrate.com the national average interest rate for a 30-Year Fixed Mortgage is 4.810%. At Total Mortgage we have the same product with a significantly lower rate of 4.625% (0 Points).
A homeowner with a mortgage of $350,000 paying 5.500% stands to save a significant amount of money by refinancing with these low rates. At the 5.500% rate and $350,000 mortgage a borrower will have monthly payments of $2,528.93 a month. With Total Mortgage’s low rate of 4.625% (0 Points) monthly payments for the same loan amount would be $2,341.15.
Borrowers stand to save $187.78 a month by refinancing from 5.500% to 4.625%. With a yearly amortization schedule your savings over the life of the loan would be $23,113.07.
| Mortgage Product | Mortgage Rate | Monthly Payment | |
|---|---|---|---|
| Borrower’s Rate | 30-Year Fixed Conventional Mortgage | 5.500% | $2,528.93 |
| Total Mortgage’s Rate | 30-Year Fixed Conventional Mortgage | 4.625% (0 Points) | $2,341.15 |
| Monthly Savings | $187.78 | ||
For a custom rate quote contact Total Mortgage Services at 877-868-2503.
*Calculations are made with certain assumptions. Assumptions include: 24 months have been paid off with initial interest rate, owner will sell house in 10 years, 0 points, 0 origination fees, and 1,200 in closing costs. Also includes an assumed tax rate of 26% and a state tax rate of 5%.
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