Saving Freak

I have been watching the mortgage rates drop and drop and have been weighing the option to refinance my home. I am living in the first home I have ever purchased so all this is a new experience for me. Right now we have a 30 year fixed rate of 6.125%. I am looking at refinancing into a 15 year fixed rate somewhere in the range of 4.8%. The goal is to keep the payments relatively the same (within 100 dollars of each other) and cut the number of years to finish payment in half. So I went trolling the internet to find calculators that would help me see if this is possible. There are hundreds if not thousands of these type of calculators. The best I have found so far is at Dinkytown.net. They have a great tool called the Mortgage Refinance Breakeven calculator. Using this I have been able to estimate how long it will take me to break even from paying closing costs. So far my bank hasn’t stepped up to the plate to give me low closing costs. They are talking somewhere in the range of $2000. I told them that wasn’t good enough and they better get it down below 900 or I would be taking my business somewhere else. If I can get closing costs down I will break even in about half a year and cut 14 years off of my mortgage. I am 30 now and hope to have my house paid off in at most 7 years. This would free me up to work wherever I want and not worry about money. Also that is a big stress off our shoulders. My wife and I really don’t like having debt and our goal is to be done with debt as soon as possible.