[Rick Lee]

Are you even sure you can refi now? Some banks require 6-12 mos. seasoning before a loan can be refi'ed. And what about your value? It probably hasn't gone up. So your LTV might be higher now. The formula for refi'ing is to divide your refi's closing costs by the amount by which your monthly payment will go down. Divide that number by 12 and that's how many years you need to stay there to break even. If it takes you five years to break even, you are losing money if you sell the house a day sooner. I've never known anyone who paid off a 30 yr. mortgage over 30 yrs. Avg. life of a 30 yr. mortgage is seven years, probably lower now.