Dscr refi? 40 yr 10yr IO

[Frank Ventresca]

Hello

Hope you are well

Is it worth it to refi? I’m claustrophobic about the IO and wondering if I need to make a switch. Other dscr refis put me at a higher monthly.

Appraised Value $700,000.00

Sales Price $680,000.00

Loan Amount $544,000.00

Payment $3,966.67

TERMS

Tue In 480

Interest Rate 8.750 % Interest Only Months 120

Total Payment (PITI) $4,832.78

APR % 9.065 % Margin % Index % Floor Rate

Floor Verbiage

Convertible: No

PREPAY: YES

1. Hard 60 mths 5.000%

BUYDOWN: NO

Hard Prepay Period 60 mos.