Need help with mortgage choice (Interest)

Will someone help me figure out what my best choice might be.

I currently have $53,000 remaining on a $60,000 15 year loan at 6.25%. I am paying principal and interest of about $514 a month

We are thinking of refinancing it for 10 years at 4.99%. The principal and interest wil be about $562 a month.

My question is:

Will it be better to just keep my present loan and throw the difference ($48) into my monthly payment or refinance? Will adding the $48 to my payment shorten the current loan time to 10 years or less? If not, then it sounds like the refinance will be a better choice, right.

How many years are left on the 15 year loan?

Oops, forgot to mention that. Sorry.

12 1/2 years.

This calculator might help: Mortgage Payoff Calculator: Extra Monthly Payments

There is not enough information from you to make the choice. Typically there are costs associated with refinancing. There are fees for appraisals, title insurance document filings. Do you know these costs yet? Are there points associated with the new loan?

My bad.

No closing costs.
There may be an appraisal required. I an not concerned about this.
Title insurance is not needed, already done with the original mortage.
No points.
That’s it, no other fees.

That is what I was looking for! Thanks.

Here are my quick calculations.

Changed Nothing

Total Paid: $76,500.00
Monthly Payment: $517.00
Length (Months): 150

Refinanced

Total Paid: $67,400.00
Monthly Payment: $562.00
Length (Months): 120

No Refinance Extra Principal

Total Paid: $73,000.00
Monthly Payment: $562.00
Length (Months): 132

Note that there are small rounding differences, but looks to me like refinancing is best.

Thanks, dgrdfd.