closing costs were the same $4500 as the original mortgage on a $165000 loan. not worth it

[Dr Winston O Boogie jr]

Originally Posted by Topspinmo

IMO depends on how long you have the loan? You start all over where the interest eats up 90% of you’re payment. That’s why they are so eager to refinance IMO you see the short term ( lower monthly payment) and they see the long term ( more money from interest).

If you're 70 years old, the chances are that you're not going to see that end of that 30 year mortgage. Unless you're planning on selling the home when the mortgage is paid off, does it really matter how much goes into interest? if you can save $200-$300 a month for the next 20 year aren't you better off regardless of whether you're paying interest or principal?