Should I finish paying off a loan now or later?

We would need all the details of your offer from Chase to properly advise you.. But in general.. 2.75% is lower than 5%.. If you refinance, and continue to pay the same payment you've been paying at the higher rate, then you will pay off your loan sooner since you're paying less interest.. But this will only work if you're not adding a bunch of fees to your loan... if you are, then you might be better off with the higher rate, but earlier payoff.. If you want to know for sure, you should contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. Ask them for a side by side loan comparison.. Only then can you make a qualified, educated decision.. good luck. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It depends on the fees. To correctly calculate if this is a better deal than what you currently have you have to do the amortization comparison. You know what your balance is, what your payment is and it appears you have determined the payoff date. Compare that to the new loan terms. What is the balance of the new loan? Calculate what the payoff date would be if you continued paying the same amount you are paying now. If the payoff date is sooner, it's a good deal, if it's longer, stick with what you have. That said, find out what the rate would be if they structured the loan so that you paid no cash at closing and added no closing costs to the balance your current loan requires to be paid off. This "No-Cost" loan would likely have a higher rate than what they are offering you, but much lower than the rate you have now. That would be a good option. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

There are some things that need to be taken into considersation before you can make an educated decision. It depends on what your financial planning and ultimate goal is for the future. I would be glad to offer you some scenerios in writing and discuss this with you in more detail. I have been writing mortgages for 25 years and cover the state of Florida. Please feel free to call me at 727-460-9418. Best regards, Linda Burek, Sr. Loan Officer

if you are comfortable with your current arrangments, probably i would continue, but you also need to take in consideration of your age, which i do not know, , and if you are retired and older, you might want to look at the lower rate , as long as there is not a lot of fees added to your loan balance . if you are older, you need to consider future medical bills/situations , so at that said , you might want the lower rate... it is hard to fully give you the best advise , since there are a lot of unanswered questions.. linda

Paying off a home loan is an individual choice. Speak with not only a qualified mortgage professional, but also discuss the tax impact with an accountant. Lastly, ask your financial adviser as to alternative outlets for your money.

I agree with some of the other posts. As long as your closing costs are minimal, and provided there is no prepayment penalty, take the 2.75% and make a new payment that will pay off the loan in the same timeframe. If you calculate the payment required to pay the loan off by 2015 and it is higher, it means your costs are excessive.If the closing costs are high, you probably need to look at a home equity loan with no closing costs. That the lower rate but make your current payment and you will have the loan paid off even sooner that 2015.John Desmond888-407-1592