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Lowering your monthly payment often means paying significantly more over the life of the loan if you extend the term longer. To make it truly worth it, your new total cost must be lower than your remaining old balance, or you must be able to pay the new loan off in its entirety much sooner than the original timeline. Multiply your new monthly payment by its remaining term length and compare that total to your old loan's final payoff quote.
Run it on your own copy: does this check for free.
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