Currently we have a 30 year loan with WFHM at 5%, payment is $1510 with 23 years left at a total of $416,760. We are looking to refinance with NFCU on a VA loan with a cash out to do work on the house, it would be a 15year loan at 3.125% payment would be $1826 for a total of $328,680 we will save just over $88 by going to the new loan, but my question is, is that worth raising your payment $300? Of course I realize that the FHA mortgage insurance we currently pay of $74 would counter that $300 and we just paid off a loan that had a $125 monthly payment that would also counter the $300.
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