Information about current loan:
Amount left: $102,000
Term: 28 years left on 30 year
Rate: 4.125%
Monthly Principle/Interest Payment: $531
Refinance estimates:
Loan amount: $102,000
Term: 15 year
Rate: 3-3.625% (Hoping closer to 3% considering my excellent credit score)
Estimated closing costs: $2900
Estimated monthly payment: $735
At my current rate (4.125%), I feel like I'm right on the edge of if it's better to pay down the principle or invest my excess cash. So by refinancing, I'd be saving a bunch of interest in the long run, but I don't know if it's worth it, because I'd have to divert a portion of retirement savings towards the increased monthly payment on a 15 year. Opinions?