Mortgage Rates Are Low. My Chances Of Retiring Are High?

[Johnny L.]

Hi Friends!

I have a question for you all regarding the current Low Mortgage interest Rates. First of all I was able to take advantage 5 years ago and took a 15 year 2.75% interest rate on our Mortgage, our payment went up approx. $500 (due to a promotion I received) and in addition we have regularly paid anywhere from $30-$150 extra principle a month when we can- because I am SO desperate to pay our mortgage off before we are 60! With that said we have 9 years 10months left to pay our mortgage off in full but I am considering refinancing to another 15 year mortgage at 2.625 % (not much difference) but it would free up $736 monthly. The extra money would be used to pay off a HELOC we recently got and would allow for some extra room but it's not necessary (we have no other bills, no car payments, credit cards etc.) I received an estimate for the closing cost and we would be adding 8K to our current loan plus the 5 years, and this is just killing me the thought of my principle balance going up after paying extra over the last 5 years, but the thought of extra cash per month would be nice. Were kind of thinking of retirement in the next 5 years (would like to retire early 56/57 years old). Struggling what to do, do we refinance or leave as is and if we decide to retire early maybe get a part time job for a few years until our mortgage is paid? Our mortgage is currently $3050, it would drop to $2390. In addition I am set to make an additional 10K per year at my current job over the next 2 years. Should we just stay put or go for it???

Thank you all in advance

Posting this for a friend