What I am trying to do is weigh the cost of refinancing as compared to simply making a higher payment equal to the new higher payment. So in other words my I have already calculated the total cost of my current loan which has a payment of about $500 at for 28 more years at 5%. I have also already built the total cost of my new loan at payments of $750 over 15 years at 2.75%. However I want to further determine how much I am saving with the new loan compared to the old loan if I were to simply make a $750 payment on my old loan.
The key is if I can avoid it I do not want the entire amortization schedule for the new loan because I am trying to compare to about 12 different loan options.
P.S. I tried to include a screen shot by MS won't let me for some reaon
