Current Loan
Amount Financed: $34,494.70
Maturity Date: 06/08/2010
Terms: 60 months at 7.99%
Payments: $701.59


Refinance Loan
Amount Financed: $26,744.82
Loan Amount: $24,069.83
Finance Charge: $2,674.99
Maturity Date: 03/09/2011
Terms: 48 months at 5.25%
Payments: $557.19

would the original poster wish this moved to the money management forum?

that's fine Marv. I hoped for your insight.

Thanks.

moving to the money management forum.

and

a bump

I guess it would depend on your goals. Here's how I would look at it (sorry, don't feel like counting the months left on the loans myself!):

1) # of payments left on loan #1 x $701.59 = cost of 1st loan
2) # of payments on loan #2 x $557.19 PLUS whatever amount down you'd have to put = cost of 2nd loan

But if you need to get a lower monthly payment then yes, refinance.

I've refinanced just to lower interest by .75%... mainly because I disliked the bank that did the original loan.

If you need to lower your DTI, it would make sense.