Considering re-financing mortgage

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Reference no: EM131907839

A couple took out a $379,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.60% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage.

The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.08% APR with monthly compounding. The mortgage will call for monthly payments. How much will the couple save on monthly payments?

Reference no: EM131907839

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