Five years ago, you bought a house for $500,000 with a 30 year fixed loan at an interest rate of 4.5%. your monthly payments for principal and interest are: $2,533.43. interest rates have fallen to 3.5%, and you are considering refinancing your loan (taking out a new loan and paying off your original loan). you still have $455,790 in outstanding principal that you owe on your original loan. if you took out a new 30 year fixed rate loan with an annual interest rate of 3.5%, what would your monthly payments be for principal and interest if you took 30 years to pay off the new loan?
