Howdy friends!

We've been in our current house 3 years and plan to stay here . . . forever. We initially chose a 30 year mortgage because we wanted the flexibility to pay less after I had our second child and I cut down my hours. Well, we've had the kid, I've cut back the hours and we've continued to pay an extra $800-$1000/month on the mortgage, as we've been doing since day 1. The goal has always been to pay it off in 15 years. Now that we know we can continue making the extra payments, I'm wondering if we should just go ahead and refinance in to a 15 year mortgage. The interest rate is about 0.5 % lower than our current rate and would cost 5k in closing costs. Current mortgage is 300K. I'm trying to decide if we will save more than 5k in interest to make it worth it to refinance or if we should just keep paying the extra payment each month. I can't seem to find any calculators that tell me this. Anyone have any ideas?

Thanks!

We've been in our current house 3 years and plan to stay here . . . forever. We initially chose a 30 year mortgage because we wanted the flexibility to pay less after I had our second child and I cut down my hours. Well, we've had the kid, I've cut back the hours and we've continued to pay an extra $800-$1000/month on the mortgage, as we've been doing since day 1. The goal has always been to pay it off in 15 years. Now that we know we can continue making the extra payments, I'm wondering if we should just go ahead and refinance in to a 15 year mortgage. The interest rate is about 0.5 % lower than our current rate and would cost 5k in closing costs. Current mortgage is 300K. I'm trying to decide if we will save more than 5k in interest to make it worth it to refinance or if we should just keep paying the extra payment each month. I can't seem to find any calculators that tell me this. Anyone have any ideas?

Thanks!

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