We've been in our house since 2003 and have been paying mortgage interest in the high 5s on a thirty year fixed. We might be able to refinance, keeping our payment roughly the same, but dropping the interest rate significantly and knocking at least six years off of our term.
Dialogue of the day:
"So, if we're gonna save something like $XX,000 over the next 21 years, doesn't that mean we can afford a new kitchen right now?"
"What do you think this is? The U.S. Treasury?"