Von Bongo is right. Calculate the difference in payment and YOU figure if it's worth the risk.

As blackhawk stated That is my understanding of how they are effected.

JBK could probably shed some light I am surprised he didnt chime in yet.

Cobra Marty someone earlier mentioned to read the fine print on your loan. I would be interested to see if it is a negative ammortization or not.

I'll try posting this again.

Here's what I got;
processing $350, appraisal $310, title ins $2083, origination=0.5%=$1725, underwriting fee $495, at home closing $225 ALL TOTAL = $5388.

For $345,000, 5.66% 30fixed = P+I = $1993/mo but half paid every 2 weeks = $996.50/2weeks for 24 years. Or $25,909/yr and $621,816 total paid.

Now can someone with a financial calculator plug in for me the following numbers; principal value=$350.388, payment=$2159.08/month, term=24years. What is the interest?
This is my true interest. Thanks.

Cobra;

Should be 271,427.00

Oops I did that wrong. I ment $345,00 - $5388 = $339,612 = principal value(the amount I actually recieved), $2159.08/mo payment, 24 year term. What is the interest? Thanks.

What should be $271,427?

How can it be negative amoritization? The balance would keep going up and never get paid off.

OOPS there is a lot of that going around....

Cobra when I plug the numbers in I get the following payment;

$2,158.50..the slight difference might be due to rounding

The total INTEREST you will pay is 282,036.00

Your TOTAL PAYMENTS (P&I) will be 621,648.00

I found an online mortgage calculator and ran my numbers and it has an APR rate of 5.8261%.

Yea, I hear alot of "non commital responses" from people. Guess I'm just trying to get a feel from people who do this for a living. We are currently trying to lock our rate, but everybody has a bad case of the dragn' ass.

We took an 1/8th jump on 30 yr fixed rates mid day today.

As for the nrgative am loan I dont know much about them....I do know world savings pushes them heavily in this area.