<prompt> Human: Despite being a long time homeowner long, irrelevant story Ive only recently aquired a traditional mortgage. Other than mortgage my spouse and I are debt free. We bought an awesome! new home just about 1 year ago. Current interest rate is 4.25 on a 30 year fixed rate loan. We do not pay mortgage insurance but with homeowners insurance and property taxes escrow our total monthly payment is about 1200. Actual mortgage payment is just under 1K the rest is insurance and tax.We got a promotional letter from the bank encouraging us to consider refinancing to a 20 year fixed rate loan at 3.669. Or a 30 year at a lower rate then we currently have This would save us over 50K in interest over the lifetime of the loan if we followed the standard repayment schedule we expect to pay off early regardless of what loan we have. I know there will likely be closing costs associated with refinacing. I cant seem to find a good source of just HOW much that will be. Id love some feedback on whether or not refinancing so soon makes any sense? Using some standard online mortgage calculators refinacing at a lower interest rate for a shorter term seems to result in significant savings over just making extra payments on our current mortgage.Id love to get thoughts and input from anyone who has refinanced or is more familiar with mortgagesrefinancing.Edit: I decided to call in a pro. Ive got a mortgage guru. Hes crunching some numbers: Refi at the lower rate factor in in closing costswhat will the overall saving in interest beVs.Applying Whatever the closing costs would have been as an extra payment to principle on the current loan without refinancing and continuing our current repayment plan and mortgage.Vs.Continuing to follow our current plan without refinancing which includes some extra paid to principal every month without making an additional large lump sum payment anytime soon Which has, so far, resulted in us paying over 12K of the principal down in just under a year. Our guru guy says this is really goodIll post once weve got the math worked out to see what works best for this type of situation.  <response>: If you are thinking about refinancing, go to Zillow. They have a ton of lenders advertising. I just got a 20 YR at 3.625 and the lender paid all costs associated with the refinance. The only thing I had to pay was the prepaid escrow. You need to set up a spreadsheet to compare different offers. Figure out how long it will take to break-even when factoring in the closing costs. 