*ignore the dates, just trying to line up your current payments to refinanced payments from being plugged into an excel amortization table
Loan as current 300k, 5.75 int, 2130.04/mo
Line Date Payment Interest Principle Balance
131 8/1/2022 2,130.04 1,442.92 687.12 300,444.81
132 9/1/2022 2,130.04 1,439.63 690.41 299,754.40
133 10/1/2022 2,130.04 1,436.32 693.72 299,060.69
134 11/1/2022 2,130.04 1,433.00 697.04 298,363.64
135 12/1/2022 2,130.04 1,429.66 700.38 297,663.26
136 1/1/2023 2,130.04 1,426.30 703.74 296,959.53
137 2/1/2023 2,130.04 1,422.93 707.11 296,252.42
138 3/1/2023 2,130.04 1,419.54 710.50 295,541.92
139 4/1/2023 2,130.04 1,416.14 713.90 294,828.02
140 5/1/2023 2,130.04 1,412.72 717.32 294,110.70
141 6/1/2023 2,130.04 1,409.28 720.76 293,389.94
142 7/1/2023 2,130.04 1,405.83 724.21 292,665.72
143 8/1/2023 2,130.04 1,402.36 727.68 291,938.04
144 9/1/2023 2,130.04 1,398.87 731.17 291,206.87
145 10/1/2023 2,130.04 1,395.37 734.67 290,472.20
146 11/1/2023 2,130.04 1,391.85 738.19 289,734.00
147 12/1/2023 2,130.04 1,388.31 741.73 288,992.27
148 1/1/2024 2,130.04 1,384.75 745.29 288,246.99
149 2/1/2024 2,130.04 1,381.18 748.86 287,498.13
150 3/1/2024 2,130.04 1,377.60 752.44 286,745.68
151 4/1/2024 2,130.04 1,373.99 756.05 285,989.63
152 5/1/2024 2,130.04 1,370.37 759.67 285,229.96
153 6/1/2024 2,130.04 1,366.73 763.31 284,466.65
154 7/1/2024 2,130.04 1,363.07 766.97 283,699.68
155 8/1/2024 2,130.04 1,359.39 770.65 282,929.03
Total Interest over next 24 months: 35048.10
Refinance 30yrs, 3.75%, 300k, payment amount same
Month Date Payment Interest Principal Balance
Loan 9/1/2011 - - - $300,000.00
1 10/1/2011 2,130.04 937.50 1,192.54 298,807.46
2 11/1/2011 2,130.04 933.77 1,196.27 297,611.19
3 12/1/2011 2,130.04 930.03 1,200.01 296,411.19
4 1/1/2012 2,130.04 926.28 1,203.76 295,207.43
5 2/1/2012 2,130.04 922.52 1,207.52 293,999.92
6 3/1/2012 2,130.04 918.75 1,211.29 292,788.63
7 4/1/2012 2,130.04 914.96 1,215.08 291,573.55
8 5/1/2012 2,130.04 911.17 1,218.87 290,354.68
9 6/1/2012 2,130.04 907.36 1,222.68 289,132.00
10 7/1/2012 2,130.04 903.54 1,226.50 287,905.49
11 8/1/2012 2,130.04 899.70 1,230.34 286,675.16
12 9/1/2012 2,130.04 895.86 1,234.18 285,440.98
13 10/1/2012 2,130.04 892.00 1,238.04 284,202.94
14 11/1/2012 2,130.04 888.13 1,241.91 282,961.04
15 12/1/2012 2,130.04 884.25 1,245.79 281,715.25
16 1/1/2013 2,130.04 880.36 1,249.68 280,465.57
17 2/1/2013 2,130.04 876.45 1,253.59 279,211.98
18 3/1/2013 2,130.04 872.54 1,257.50 277,954.48
19 4/1/2013 2,130.04 868.61 1,261.43 276,693.05
20 5/1/2013 2,130.04 864.67 1,265.37 275,427.67
21 6/1/2013 2,130.04 860.71 1,269.33 274,158.35
22 7/1/2013 2,130.04 856.74 1,273.30 272,885.05
23 8/1/2013 2,130.04 852.77 1,277.27 271,607.78
24 9/1/2013 2,130.04 848.77 1,281.27 270,326.51
Total Interest over next 24 months: 21447.47
$13,600.63 in interest savings over next two years!
This could adequately cover your DIY improvements, more principle, or student loans! I understand the logic that its not worth refinance every 1/2 to 3/4%. But this is two whole percentage points!