I'm considering refinancing our home to a 15-year loan while rates are down.
Our current loan stats:
30 year loan, 24 years left
3.625%
Balance - 187k
New loan I was quoted:
15 year
3.125%
Not pulling out additional cash, so balance of 187k
Closing costs: $4300
The payment would end up being about $200 more than what we are currently paying (I make extra principal payments monthly)
Is this a lot of work just to save .5%? My sister also brought up that I should be saving my money instead of applying principal payments in case we lose our jobs, which I suppose is true...but we already have savings and I'm not worried about that.