--73.197.xx.xx

Refinance to 15 year fixed. That is what I have on my houses. Rates are 3.75 to 3.85 on mine. Payments Will be about the same. --97.94.xxx.xx

I would not refi. Your rate is good, and with closing cost, and the extra half point for non owner occupied houses, I don't think you could do any better rate wise anyway. Run a new 15 year ammo on your own and start making that payment. Stick to it. --75.141.xxx.xxx

I agree with Homer. I like the wiggle room of a 30 year fixed with no prepayment penalty. I would not refi. --98.232.xxx.xxx

Run the $.....you may save more on interest even if just half a point..right now you have 25 years on your mortgages. You are paying nearly 100% interest now...run am.schedules --97.94.xxx.xx

I'd leave the mortgage as is and just make extra payments toward principal every month if you want it paid off quicker. Your current rates are excellent and even with going to a 15 year loan, you likely wouldn't do much better on the rate with a non-owner occupied rental property. Furthermore, leaving it as a 30 year gives you more options - you can choose to pay it off early by making extra principal payments, but you not locked into the higher payment should something else come up financially that you want to divert the cash towards (repairs, upgrades, or even another property). --24.147.xx.xxx

What would I do? I wouldn't refi. The math doesn't consider risks like extended vacancies, repairs and maintenance that you didn't anticipate and that sort of thing. If I wanted to try to pay these things off early, I would decide how much extra each month I could afford to pay and apply all of that to extra principal on one of the 3 loans until that one is paid off and the roll the total amount I have been paying on it monthly onto the next one as extra principal, and so on until they are all 3 paid off. --70.178.x.xx

Thanks. --73.197.xx.xx

I agree with Johnny. Just pay extra and they will be paid off sooner than the 25 years you have left. We have been paying $1000 payments on our $600/month loan that was a 30 year loan at 3.8% and we'll have it paid off in 10 years instead. It's well worth paying extra and saving interest. When we pay extra it goes automatically to the principal. --173.26.xx.x

I would not refinance either. Pay off early instead. However, make sure your payments are going to principal. You don't want to just be paying the next payment early. --96.236.xx.xx

no. not always best to pay extra each month.. although you shorten the number of payments by the time you are coming to the tail end it is mostly principal.. right now payments are mostly interest. the usual rule of thumb is unless a percent or more, after you factor in costs then not worth it. however. You are only 3 years into the note so you should run the actual numbers to see if better to switch from 30 years to 15 years with the lower rate & costs and take a hit now for greater savings over time. --97.94.xxx.xx

As for the numbers, I will play around with some other loans when I'm not so tired. Thanks. --73.197.xx.xx

they do Bill. but you need to look at amortization schedules. in US the interest charged does not adjust on updated reduced principal if you pay down unlike in Europe, Australia & other countries. If you pay extra now all you are doing is reducing the timeline of paying off the note. At tail end your payments are mostly principal on whatever time frame your mortgage is on. All I am suggesting is run the numbers and don't be distracted by those who just say pay extra principal on your original note. that may not be the best long term financial decision. --166.137.xxx.xx