Randy…
I would have to make the new loan approx $335K  (to have you come to the table with $88K)  At 5.875% your P&I payment is $1982 per month…..at 6.125% you are at $2036 per month….. plus taxes, insurance, HOA etc……So it is costing you $3,350 up front for a $54 per month lower payment….62 months to recoup…. If you are going to stay put for another 5 years it makes sense to pay the point.  Let’s talk on Monday.
Have a good weekend!!
Thanks
Mitch C. Jacobs
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Let’s do it.  I would like to move forward since I am just pissing away money with the current mortgage that I have.

Let me know what the monthly payment would be on a 30 year fixed with both interest rates.  I will come to the table with $88,000.00 to pay down off the $411,900 (estimated) that I owe.  Please work in the closing costs so that I only have to come with $88,000.00    I am leaning towards the 5.875% with 1 Point.
Thanks!
Randy
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Mitch C. Jacobs