i got a mailer today that said it would lower my rate ~1% from 5.8 to 4.6, i would go from no points to 2 points ( not a clue what points are but i don't think it goes toward a championship ) and i go from my current 30 year fixed which i am about 5 years into, to a 15 year fixed. my loan would go up ~$300 a month but would save $94,000 in interest over the life of the loan. $94k is over 40 years worth of honda pistons, so it got me thinking. i don't really like being married to a more expensive loan in the event the bar slows down, but at least right now i could probably do the extra amount. i can squeeze a penny so tight i can make abe lincoln fart, but i am not very experienced with long term planning.
so my questions to the financial folks, are there any calculators out there that can help me see if it would be better to stay in the 30 year and pay extra, or go to the 15 year and have to lock into a higher payment? also, would the extra cash be better paid toward the 30year or my HELOC or my truck and street bike payment?