re-fi 省钱！计算是这样的：

re-fi 省钱！计算是这样的：
(Re: with 15 year loan and 10 year left 230K balance at 4.875%, does it save if re-fi to 4.375% with zero point zero closing cost)

Using the calculator CaLoanAgent privoded:
http://www.eloan.com/s/amortcalc

1. Starting amount: $309,300, rate 4.875%, 15 year, monthly: $2,425.83, after 5 year: $230.0K, remaining payment (total for 10 years): 291.1K
This should be your current situation. 291.1K is what you'll pay without re-fi during next 10 years.

2. With refi:
Starting amount: 230K, rate 4.375%, 15 year, monthly: $1,744.83, total for 15 years: 314.0K
This is total payment w/o extra payment. Higher than #1, but it's because of longer term.

3. With refi, and extra payment of $681/month: monthly payment: $2415.83, payoff time: 9 year 8.5 month, total payment: $282.7K

Comparing total payment from #1 $291.1K and #3 282.7K, there is a saving of $8.4K.

Generally speaking, if there is no point no closing cost, lower interest will always save you money. Points/closing cost complicates the situation, but long term you still save.

Hope this helps.
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