Borrower had a interest rate of 7.375% with CHASE. Borrower went from a payment of $3,887.50 (PITI) to $2,483.78 (PITI) SAVING $1,403.72 per month that's $84,223.20 the borrower is saving in 5 years! The interest rate starts at 2% for the first 5 years and climbs to 1% every year until it caps at 4.375% for the remaining loan term.
6th Year (Old Payment) $3887.50 - $2,736.38 (New Payment) = $1,151.12
7th Year (Old Payment) $3887.50 - $3002.40 (New Payment) = $885.10
8th Year to 39th Year (Old Payment) $3887.50 - $3104.46 (New Payment) = $783.04
Check out the approval HERE
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