It is kinda exciting though because we're ditching the 30 year for a 15 year loan. Imagine in 15 years I won't have a mortgage anymore. Freedom! All that extra money per month!
Yeah 15 years is a long time, but I'll still be working when that happens. It also feels like something to look forward to. The 30 year term might as well be a lifetime.
Of course there are fees associated with refinancing and they aren't small. However, we're going from an interest rate of 4.875% to 3.0%, saving us $150,000 over the life of the loan. If I have to spend a few Gs to save 150 of them, I'll take that deal any day.
And yeah, our payment will be almost twice as much each month. As long as we both keep our jobs, it shouldn't be a problem to finagle the budget a bit (knock on wood). I haven't played with it yet, but mint.com lets you manage your budget each money and shows you where you can cut back on spending. As long as we stick to budget and the mortgage plan set forth, I'll be a happy girl in 15 years!
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