Make sure to figure not just your interest and cashflow savings.
Remember, you are resetting your amortization clock - the early years of a mortgage are mostly interest - you may just be throwing away all the payments you have already made.
Each case is different.
Remember, you are resetting your amortization clock - the early years of a mortgage are mostly interest - you may just be throwing away all the payments you have already made. Not with a 10-year mortgage.
Hypothetical example: $100,000 loan, 4.5% interest, 10 year term:
The first payment is $1,036.38, $375 in interest, $661.48 in principal.