Will refinancing to lower rate really save money?

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DEAR BENNY: I bought my condo 18 months ago. The interest rate on my 30-year loan is 6.25 percent. Should I consider refinancing to a lower rate? I plan on staying here and paying off the loan so it seems even if I save some money on a lower interest rate I will be extending my loan and paying more/longer? --Scott DEAR SCOTT: Since you've had your loan for a relatively short time, the costs to refinance your loan may not outweigh the benefits of a lower interest rate. Let's take this example: Your loan was $300,000. The monthly payment at a 6.25 percent interest rate is $1,847 (this is only for principal and interest; it does not include escrows for taxes and insurance.) If you refinance at 5.75 percent, the new monthly payment will be $1,751, or $96 less per month. You have to do the numbers. Contact your current lender and see if they will agree to allow you to refinance and not charge you all of the settlement costs. Some lenders will be willing to do this. If not, c...