Question: My objective is to pay less overall in paying off the home loan, and with > your scenario below, it appears I’d save about $1400 overall at least, which > is $1400 of real money. I think I’ll look into it. Thanks!
Answer: To pay the least “overall,” you would pay if off in full NOW.
Since that is not apparently one of your options, you have to figure out whether it would be more advantageous to simply make a higher monthly payment on your current loan, or to incur the up-front costs and/or principal increase in a re-fi.
You will have to research the possibilities available to YOU, because the theoretical scenarios given may not be available to you in the real world.
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