re: Refinance gurus- I'm looking to refinance my mortgage- will it be worth it?

quote:

---

This is my goal, even playing with the idea of going down to 10 years.

---

I did some quick calculations at bankrate.com on their mortgage calculators and looked at the amortization table for the 30yr (you currently have at 5.5%) and the 15yr and 10yr tables at 4%.

Interest only on each loan in bold:
30yr (90k at 5.5%) - 40k (this is what you will pay over the last 18 years if you stay put).
15yr (70k at 4%) - 23k (monthly payment on principal and interest will stay in the 510-520 range)
10yr (70k at 4%)- 15k (monthly payment will go up 200 dollars).