Real Estate and Home Mortgages - 10 years into 30 year fixed = refi w/ a 20 year fixed?

I am looking to refinance a 30 year fixed rate mortgage w/ a 5.75% interest rate that I've been paying on for 5 years. I've also been paying extra on the principal, so that I am currently about 5 years ahead of my amortization schedule at this point.

Does this mean that refinancing with a 20 year fixed rate mortgage is essentially saving me nothing (considering I'm 10 years into my current loan based on the amortization schedule), unless I can get a significantly lower interest rate?

If your not getting a much lower interest rate vs what you have no I'd stay. Also, remember you'll be paying closing costs for the refi. depending on loan loan amount determines the amount of costs. Best bet is to run an amortization schedule comparing both.

Hi ,A 20-year fixed mortgage refinance is a type of mortgage loan that replaces an existing mortgage loan; the new debt is structured with a 20-year maturity and an interest rate that stays the same throughout those 20 years.

George,

I think the poster already knows what a fixed rate means, and that's not what he was asking.