Refinance my 3.5% at 30y mortgage or not?

[Puja Shah]

Hi all, 

I needed up paying my 2013, 30y fixed 500k mortgage At 3.5% early and now have 160k left on it. Should I refinance the 160k considering the current rates? Or once I add up the closing cost etc- I will have no benefits.

In hindsight I shouldn’t have paid off the mortgage and used it for other investments but it’s done and now I like the idea of my home being out of harms way. So don’t want to pull out money from what I have already paid off.

Thank you for any insights in advance!

[Madhu V.]

Refinancing at a lower rate should lower your total interest in the current market. Pay back the savings from refinance towards principal every month and you will see your total interest go down and will payoff your loan in shorter time.