Reply #25: you might save money on a 5 or 10 year loan [View All]

[Mosby]

What I use to "run the numbers" can be found at the ms office template library, its an amortization speadsheet. (I run it with openoffice) what is great (and different than what you can find on a million dif websites) is that after it calculates the monthly pymt it drops every month into two columns one principle and one interest so if you input your current loan you can use the sum funtion to find out exactly how much interest you will be paying for the rest of the loan (you need to know appx which pymt your at). Then input the new loan and compare interest amounts.

I refied last year, 8 years into a 20 year loan that was at 5.25. I'm going to save about 41K on the new 15 year loan.