Refi from 30 to 15 but already 8 years in

[Salvatore Lentini]

Any suggestions on how to calculate whether I should refi my primary? All my calculations on my investment properties, in terms of financing are pretty straight forward. I either buy, rehab and refi into the longest term loan available for that property or I buy and hold long term right out of the gate. All of my projections are based on cashflow, ROI, COC.

With rates as low as they are on Fannie loans, I'm debating whether to refi my primary.  I'm 8 years into a 30 year at 3.875%.  I make extra payments (a few hundred $ extra per month).  If I look on a 30 year amortization schedule my extra payments have placed me, currently, at the 10 year mark in terms of balance.  Looks like if I continue at this rate it will turn my mortgage into a 24 year mortgage which would mean I have 16 years left?  I'm debating refinancing into a 15 year.  At what rate would it make sense?  For some reason I'm having a difficult time calculating because currently, since I'm technically 10 years in, more of my normal payment is paying down principal and then the extra payment is going 100% to principal.  If I do a 15, even though it's shorter I'm starting over.  The 30 also gives me the flexibility of paying the exact amount (no extra payment) which I'm guessing would probably be lower than the 15.  What are actual recent rates anyone has gotten? (I don't mean advertised rates online).  Anyone have a simple way to do this calculation?

[Andrew Postell]

@Salvatore Lentini I would ask your lender to provide you with an amortization schedule to show you the impact of the new 15 year loan.  Also, something to think about - you are going to make your payment higher.  Meaning, your MANDATORY payment higher.  And you are doing it in a time where the economy might be shrinking.  So when another lender reviews your qualifications you will carry a higher debt loan.  So make sure that your lender re-assures that you will be able to continue to qualify for more loans with your higher payment.  If your job is at risk at all, or your income of declining, make sure to ask your lender the same question with less income to see how it affects you qualifying with the new, 15 year payment.  Hope all of that makes sense.