Went through something similar myself a few years back. Had a 30-year VA loan, and like you, I'd planned on paying extra whenever I could. But honestly, life just kept happening:
- Roof leak after a bad storm—unexpected $3k gone in a flash.
- HVAC decided July was a perfect time to die...another $5k down the drain.
- And yeah, those streaming services do add up quietly in the background.
Eventually, I refinanced into a 15-year term. Not going to lie, at first the higher monthly payment felt tight, especially when those surprise expenses hit. But looking back now, that forced discipline has really paid off. It limited my ability to procrastinate or let money slip away on random purchases. Plus, the interest savings alone were huge—thousands of dollars saved in the long run.
That said, it's not for everyone. A shorter term locks you into higher payments, and if your budget is already tight, it can cause unnecessary stress. I've seen some friends refinance into another 30-year just to drop their rate and then commit to paying extra when they can. That's fine if you're disciplined, but as you've noticed, discipline is easier said than done.
One practical compromise I've found helpful: automate the extra payments. Set up an automatic transfer each payday that's manageable but meaningful—even $50 or $100 adds up. Out of sight, out of mind, and less temptation to skip payments for a Netflix binge or whatever else pops up.
Bottom line, refinancing can be a smart move, but consider your own habits realistically before deciding on a shorter term.
I feel this so much. Had grand plans to pay extra on my mortgage too, but then my water heater decided to flood the basement—goodbye, emergency fund. Automating extra payments has been a lifesaver though, even if it's just a small amount. Curious, did refinancing affect your credit score much? I've heard mixed things about that...
Refinanced my VA loan last year and saw a small dip—maybe 10-15 points—but it bounced back within a few months. Honestly, credit scores fluctuate all the time anyway, so I wouldn't stress too much about it. And yeah, automating extra payments is key. Had a similar issue when my AC died mid-summer... goodbye savings. Glad I had those auto-payments set up beforehand or I'd probably still be procrastinating on paying extra.
Refinanced mine about two years ago and honestly, the credit score dip wasn't even noticeable. But I'm still skeptical about refinancing too often—fees add up quick, and lenders always make it sound like you're getting the deal of a lifetime. Automating extra payments is definitely smart though; otherwise, life happens and suddenly you're spending that money on vet bills or car repairs... ask me how I know.
Totally agree about automating extra payments—if I didn't set mine up, I'd probably be spending that money on emergency pizza nights or yet another trip to Home Depot (seriously, how many times can one faucet leak?). Refinancing can be great if rates drop significantly, but yeah, those fees sneak up on you. I refinanced once and it was worth it, but the second time around the math just didn't add up. Plus, every lender acts like they're doing you a huge favor... meanwhile they're quietly pocketing thousands in closing costs.
Also, good point about the credit score dip being minor—I barely noticed mine either. But still, refinancing too often feels like rearranging deck chairs on the Titanic: lots of activity without much real progress. Better to stick with your current rate unless there's a seriously compelling reason to jump ship.
