[quote=HLS]Comparing the payment savings is not the correct way to decide on the benefit of ANY refi, but it’s what most people do.

Did you get their quote for 3.00% ?
It may not make sense to take the lower rate with a cost. The recovery period could easily be 7-10 years.

In the long you will always save more money at the lower interest rate.[/quote]

Welcome back HLS!.
Just the guy I wanted to speak to…

Unfortunately, the credit union I’m talking to doesn’t offer a no cost/no point loan at any rate… And I looked around, I haven’t been able to find a 3% 15 year with no fee/no cost.

That’s why for comparison I took how much this loan would “cost” me, tacked it on to my outstanding balance, and compared that to an equivalent loan on my original loan balance without costs/points.

It seemed like me taking the 2.875 loan with cost would be the same as taking 3% loan without any cost in terms of monthly payments and total loan balance to pay. What else am I missing?

I haven’t been able to find a 3% 15 year no points/no fee loan. Most are about that around 3.125% or 3.25%…