I ran into something similar when looking into refinancing a couple years ago. The lower rates and monthly payments seemed attractive initially, but after crunching the numbers, I realized I'd be extending my loan by several years. It made me wonder—are those immediate savings really worth paying interest for longer? Ended up holding off and just focusing on extra payments instead. It's definitely a balancing act between short-term relief and long-term costs...
You make a solid point about the trade-off between immediate savings and long-term interest, but refinancing isn't always about extending the loan. For instance, if you're disciplined enough to keep making your original payment amount after refinancing, you could actually shorten your loan term and save significantly on interest over time. Of course, that requires sticking to the plan—easier said than done for some folks... Still, it's worth considering before writing refinancing off completely.
