Two years ago we completed the re-finance of our house. I thought I would go through some of the numbers and things that have happened.
Original Loan: 30 year mortgage, 5.875%, closed July 2007
New Loan: 15 year mortgage, 3.375%, closed November 2011
Increase in monthly payment: $157.69
Reduction in total term: 10 years, 8 months
Principal paid on new loan in the first 24 payments: 10.67%
Principal paid on old loan in prior 24 payments: 4.97%