Here's the backstory:
DH and I moved in June. Sold our house, bought a new house and currently have about $60,000 equity in the new house. 30 yr fixed rate mortgage at 5%. Payment per month equals about one paycheck. We both work and our paychecks (bi weekly, so 4 checks) are about the same amount because of health care and retirement deductions from DH's check. We have more cc debt than I want to publically admit but we're working on paying it off and should have it paid off in about 12 months. We have an emergency fund.
I opened the paper today and for the first time realized how ridiculously low refi rates really are. I know that we have a good rate on our current mortgage but I did the refi calculator thing and if we do a 15 year refi, our payments will increase by $250 a month which I think we could swing with some really tight budgeting and we save $84,000 in interest. If we do a 20 year refi, payment will only go up about $100 which we can definately swing with tighter budgeting. I know it sounds crazy to refi 6 months after you get a loan but I'm so in love with the thought of taking 10 to 15 years off the mortgage in one swoop. The costs of the refi are only about one month's payment and I'm thinking that since we had all the reports/appraisal/credit checks etc. done 6 months ago, they might still be applicable. Please tell me I'm nuts so I can stop thinking about not paying $84,000 in interest and being able to have the house paid off before DS gets to college.