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May 16th, 2009

Refi

Today was the right day to begin refinancing our house.

Here are the details:
We bought the house for $385,000 and have invested about $50,000 into upgrades (forced air heating, air conditioning, tankless hot water heater, granite/maple kitchen, relocated doorways to improve flow, increased storage space, marble shower, bamboo floors, walk-in pantry, recessed refrigerator, bar).
Zillow has the house being worth $310,000 in a range between $275,000 and $375,000 or so.
We mortgaged $345,000 over 30 years at 5.875%.
We are six years into our mortgage and currently owe $290,000 with monthly payments of $2,077.44, but we pay $1,100 every two weeks instead, meaning that we pay down our principal by an additional $122.56 a month and an additional $2,200 a year.
The new mortgage will be for 15 years at 4.575% with $4,000 in closing costs, of which $1,500 are tax-deductible points.  Our new payments will be $2,198 a month so if we maintain paying $1,100 every two weeks we'll overpay by an additional $2 a month (woo!) and still an additional $2,200 a year.

We'll own this house just about in time for Rozz to head to college, meaning that at that time we'll be able to stop paying mortgage and start paying tuition.

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XSG - 1 G 2 Many
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