<prompt> Human: More background: I bought my place in 2011, always have had roommates since, and paid extra principle as much as possible. I refinanced 3 years ago to lock in 3.5 interest on a 15 year fixed mortgage starting at 135k. I have paid it down to 55k and will soon be renting out my entire house for 2700-2800 A big swanky apartment complex with retail, restaurants, and a parking garage opened up down the block which catapulted my home value, and also upped what I can get for rentMy current monthly payment tax and insurance included is 1470 and I can bring that down to about 950 if I refi with my credit union and get a 10 year loan at 3.25. Closing costs will be around 2.5k so those will be recovered in 5 months. After that Ill be saving 520mo and saving a few thousand in interest over the life of the loan. Anything else I should be considering? Id be happy to answer any questions and thanks in advance for all your input!  <response>: That is not a good deal. When calculating the savings, the only difference between the loans is the interest rate. 55,000 x 3.5 interest is 1925 per year. 55,000 x 3.25 interest is 1787 per year. While the payments will be lower, you are spending 2,500 to save 138 a year in interest. Since you have already paid off so much of the 15 year loan, if you keep making the regular payments, the loan will probably be paid off in around 5 years. 