One of the more difficult decisions faced by homeowners is whether it pays to refinance a mortgage loan when rates have dropped. Go to http://interest.com and click on the calculator labeled "Refinance interest savings calculator." Compute how long it will take to recoup the interest of refinancing your mortgage loan. Assume you obtained a 30-year $130,000 loan four years ago at 7%. Now rates have dropped and your income is higher. Determine how much you will save if you get a new loan for 15 years at 6.25%.