said by guppy_fish:Exactly what I do. If I can keep it up at my current pace I will avoid ~$200K in interest. said by jack b:
If you can swing the higher monthly payment switch to a 15 year loan and save a ton of interest money.
No need to refi to do that, simply calculate the amount due for a 15 vs 30 year and include that as extra Principal every month in your current mortgage payment ... No need to refi and its additional costs
The extra $$ in the current payment also gives you the flexibility, if you for some reason can't swing the higher payment, you not going to go into default .. its a win win