8y-9y , show work even tho i know it’s not a lot !
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Total interest will be $178245.
1. Earlier we were p[aying monthly $718.50( as per question 3 Now we are paying monthly $555.65
So we will save $162.85 ($718.50-$555.65) per month
2. Interest paid for previous loan for 10 years is $70888 Interest to be paid for next 30 years is $107357 Calculation of interest and other calculation is shown at last.
So total interest will be $70888+$107357 = $178245
3. Yes it viable to refinance it reduces interest burden and also save $162.85 everymonth. 1% difference in interest can save a lot money for us in long term and there is no extra cost for refinance hence it is really benificial.
4. Interest to be paid for the next 30 years will be $107357. You can calculate the interest as shown below as I am not able to upload the whole calculation.
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