Home › Forums › Financial Markets/Economics › Refinance or not… › 1. You aren’t paying $22,000,
1. You aren’t paying $22,000, you are reducing your debt by $22,000. **According to your comment, you are not paying anything to get the loan.
2. The payment (& tax) savings is irrelevant. Mistake to even consider it.
3. You can still pay the loan off in 28.5 yrs if you want by adjusting the payment.
4. You will save around $3500 in interest just the first year, and a declining amount each additional year.
5. If you can spare the cash, it’s a no brainer to refi.
