Total Interest: The Term-Extension Trap
This lesson is part of the course
In this lesson
You compare the interest still to pay on the current loan with three refinance plans and see why a lower payment can save almost no interest.
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Lessons in this course
- Where You Stand: Remaining Balance with CUMPRINC & CUMIPMT Locked
- New Payment by Term: PMT and the Monthly Saving Locked
- Closing Costs & the Break-Even Month Locked
- Points vs Rate: Buy-Downs, Lender Credits & Their Break-Even Locked
- Total Interest: The Term-Extension Trap Locked
- Cash-Out Refinance: New LTV & the True Cost of the Cash Locked
- ARM Reset Scenarios: Index + Margin, Caps & the Payment Path (Chart) Locked
- Refinance Decision Table: NPV of the Savings (Chart) Locked