An year after we first attempted to refinance, we struck a deal with our current lender and reduced our terms from 5.25% 30 year fixed to 4.5% 30 year fixed.
Our monthly payment went down 14%.
We had 328 months left on the loan, so we would have payed 180% of the balance.
Now, we will be paying 182% of the balance, in 360 months.
If we continue paying down with the previous amount, we will pay 159%, in 271 months.
That's a 21% potential saving!
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