Home Mortgage Refinance – YES/NO?

Should I refi now? Living in the same house for 10 years. Refinanced once in 2002. Note currently has 23 years left at 6.375%. First refinance, I lost 2 years of payments and about all the principal put into the note. The clock was reset back to 30 years, and I wound up owning MORE (points added to the loan) than I had when the house was first bought….but the MONTHLY payments were about $ 100 a month less. For awhile – until the government tax people got creative, and I lost most of that gain. My taxes went from $ 900 a year in 2000 to $ 2000 a year. The note is about $ 410 principal/interest and about $ 200 taxes. Should I jump in and refinance to 4.5% now???? I plan on staying in this house for the remaining years I have. I’m 54. Been here for 10, might as well go for the duration. Its a good little 1200 square footer single level 3/2. Nothing fantastic – nothing terrible. Property value was about $ 210,000 last year – dropped to about $ 160K. Owe about $ 61K on the note as it stands. Do I benefit from a 6.3% to 4.5% refinance?

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