[Mallik K]

...mortgage? We are on 30 years fixed mortgage rate of 4.375%. We had this original loan for 6 months. Today's 30 yrs fixed no cost refinace rate is 4%. We are planning to keep this property for about 5-7 years. Please let us know if it is good idea to refinance.So far, we have paid interest of $8500 for past 6 months on current loan. Do I need to factor this amount into savings? My monthly payment will be lowered by $93/month with refinance which is about $7812 in savings over 7 years. Should I recoup $8500 in savings with refinance?Original loan amount: $364,000Current loan balnace to be refinanced: $361,000