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Ouch. 2 years left at $600 or refi adding 2 more years? That sucks. I wouldn't even know what to tell you. I guess I'd probably go with the refi, but no, no I wouldn't. I know what I'd do, but it's not the smart thing to do. I'd trade it in and get a new one that is what I wanted. That's what I'd do, but that's not the smart solution.

Here's the smart solution, I think...

Months Left Payment Amount Total Paid
24 $600 $14400
48 $250 $12000

The smart thing to do is refinance. In the end, you'll save $2400.

Good luck.
 

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If one payment is $600 a month, and his interest difference is (as Walleme states) $12 bucks a month, he's only going to save $288 in interest over two years. Not even one month's payment, so no, he won't have it paid off in 12 months. It'd be paid off in 23 1/2 months.
Shoot, that's what you should do. Refinance and keep paying the $600. Of course this probably means that you can't get a daily driver for a year, but hey, it'd be paid off then!
 

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Months Left - - - - - Payment Amount - - - - - Total Paid

24 - - - - - - - - - - - - - - $600 - - - - - - - - $14,400

48 - - - - - - - - - - -$600-250=$350 - - - - - $16,800
Ahh. Thank you. I missed the "come down to..." part. I just thought he was changing to $250 per month. In that case, keep it and pay it off.
 
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