You don’t mention the amount you owe, which is a critical part of your equation. In general, when you have a shorter term at a low rate, the savings on a refinance will be minimal, simply because you are paying virtually no interest in the first place. I would look at the total you expect to pay on the current loan IF you did a $1000 extra principal payment (to equal out the $1000 you could spend refinancing) versus the total of the payments on the new loan. Comparing those two would give you a decent idea of the anticipated savings. Just don’t think you’ll save a huge amount because you likely won’t. In my opinion, savings may not be worth the time and effort involved with refinancing in your case.