We originally went from a 30 year mortgage to a 15 year mortgage, thus saving long-term interest. If we refinance now, as I mentioned in my post, is that we would continue to pay our current mortgage payment, just with a lower rate so we would save on interest from here on out which we are at like 14 years. Rates are down that much YoY. I would look at refinancing costs but I know at least $400-$500 for an appraisal then whatever fees are. There are a lot of low fee options but at a higher rate than I want or more fees and a lower rate. I am looking for a 15 year, 2.5%, no-fees or at least <$500 which seems possible.
The savings are minimal at less than $1,000 per year as we would still continue our path to pay off in the 14 years we have left but it would ultimately be less than that with a lower interest rate and larger principal payments each month.
15 years or less is where to be, good work there. To save $1000 per year is minimal, paying into the mortgage a few extra bucks would net you that without the hassle and without adding another year of payments to the mix.
Don't think that's the case, from what I read he's at 14 years and would reset to 15 again. Not a fan of that, anything can happen in your life and getting out from under a bank should be the priority.