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I have thoroughly confused myself on evaluating a refinance.

I am currently 15 months in to a 10 year, 3.75% fixed mortgage. My balance is approximately $95,625; payment is $1071. Last payment is scheduled to be August 2021.

I am considering refinancing to a 10 year fixed at 3.25% which will give me a new payment of $934. Total closing costs will be $299. If I do this, I will pay an additional $150/month in principal to keep my payment about the same. If I am doing my calculations correctly, this will pay off my loan in June 2021.

So, am I correct in thinking that this saves me $2142-$299=$1843 or am I missing something?

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