Question for mortgage brokers

[musiclawyer]

If I owe 205K on a house worth 400K and can get into a refinanced 15 years fixed at less than 5.99%( which is my current 30 year fixed rate with 22 years left on the loan) but I also want to take out 15K in cash for home improvements, how much money am I really saving long run? Assume I can make the larger payment. I'm getting conflicting information. I suppose it's because everyone says it depends oh how low below 5.99 I can get. But what is likely perhaps, is the better question?

[YellowRubberDuckie]

1. Well, all I can tell you is that you need to make sure the rate is fixed...

...AND read the ENTIRE mortgage and note before you sign.
As for your question I really can't answer it. But, good luck!
Duckie

[Gormy Cuss]

2. You can figure it out for yourself with a good mortgage calculator.

You need to make assumptions about the rate and on closing costs in order to figure out the cost of the new note, but figuring out how much interest you'd pay from now until the end of your current note is an easy calculation. It won't be exactly right, but it will be in the right ballpark.

Here's one calculator (it asks for taxes and insurance, but you can zero them out.
http://www.interest.com/content/calculators/recoup.asp

Once you have that number you'll be better able to compare it to the cost at whatever rate of the new note (including any closing costs.)However, ultimate you want a mortgage broker do figure the new number.

***I'm not a mortgage broker so ignore my post if one weighs in***