I believe you are paying mostly interest the first 10 years, so refinancing the bonds at a lower interest rate will help, but you will still have not paid off that much on the principal as you would have with the lower rate. We were in the same boat, and paid ours off as soon as possible, and are happy we did so. We're going on nine years now - how time flies, and we saved a lot of $$ not paying all that interest. Plus, I like the peace of mind of having no debt.
|