What with rates as low as they are, we are looking into a refinance of our home loan. Yes, I know: we just bought the house not six months ago. But, I assure you that the lock we put in at 5% is such that we will be saving almost $300 per month on our house payment without significant cost. In fact, it’s almost a wash with the costs of the loan being the same as a month’s payment, which we’d get to skip. The only thing "bad" is that our loan length will be 6 months longer. But, with diligence, we can decrease the total loan time – and the total payoff amount, which will be over $100,000 less than the old loan even if we only pay the minimum payment.
What we’ll have to decide, though, is if we divert the additional savings to a savings account or just keep it going to the principal to pay it off early.
Probably a little of both.