Educate yourself on refinance mortgage
Make sure you include any penalties for paying off your original mortgage and any bank fees you will have to pay to obtain the new mortgage. Your next step is to figure out how much you will save each month with the new refinanced rate. Do this by subtracting the anticipated new monthly payment from the current one. You now have your anticipated refinance total and your anticipated savings. The third step is to determine if the costs will be worth it to you, given how long you plan to own the house after the refinance.