I currently have a 30 year mortgage I took out in March, 2012 for $144,000 at a 4.2%. I paid it down to $72,000 now and I am wondering if I should get a 15 year refinance with a lower rate. My credit score is 800 so I think I can qualify for a 2.5% or so. I have done some of the math and it appears that with closing costs (I am estimating $5000) I don't think it is worth it.
Is it worth it to refinance in my situation? I am still planning on paying on the mortgage with additional principal every month. Just not as heavily as before. If I keep the loan for another 5 or 10 years is it worth it to refinance or is it folly?
Thanks for any answer or advice.
Read more: Should I go from a 30 year mortgage to a 15 year with a better rate?
