I'm just paying extra pmt.Yes, that's what you're doing now. But if you refinanced, what would you do?When the payment increases from ~$247 to ~$277 because you are refinancing for a shorter term, would you pay $277 one payment and then $227 the next payment, so your total payments every 4 weeks would be the same as you are currently making? Or would you make the initial payment of $277, and then just start making $247 payments every 2 weeks? (Note: even though they aren't 'whole' payments, since you are paying early, it should be okay with the CU) Or would you pay $277 every two weeks? Any of those scenarios could be considered 'paying the extra payment'.In any of these cases, the biggest issue is - is there a cost for you to refinance? If you have to pay to get a new title issued, pay to apply for the loan, or pay any other fee, you need to look really hard at how much interest cost the refi will save you vs. what the costs to refi are.The faster you pay down the loan through making extra payments, the less a refinance to a lower rate will benefit you, and if there are fees involved, it may end up costing you more to refinance, depending on how fast you pay down the loan.AJ
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