Am I better off refinancing?

Regarding your current loan
Original loan amount
Original term (years)
Years already paid
Balloon year (zero if none)
Interest rate

Regarding your new loan
Term (years)
Balloon year (zero if none)
Origination Charge
Charge For Specific Interest Rate
Other settlement services
Interest rate

Regarding your property
Appraised value
Yearly property tax
Yearly property insurance

Regarding yourself
Your savings rate
Your state + federal tax rate
Years before you sell

Charge for specific interest rate: An additional charge, expressed as a percentage of the loan amount, to obtain a lower interest rate.
Appraisal value: Appraisal value is the market value of an asset that is derived from the appraisal process. Depending on the asset, the method used to appraise the asset will differ. For homes, appraisers often use a method that includes recent sales data of comparable homes. They may also use the replacement method, which is the cost to replace the home at today's prices.
Refinancing: Replacing an older loan with a new loan offering better terms, e.g. a lower interest rate, fixed vs. variable rate (or vice versa), or no balloon payment.
Cost-benefit analysis: An analysis of the cost effectiveness of different alternatives in order to see whether the benefits outweigh the costs.
Savings interest rate: The yearly interest rate you earn on your savings.
Settlement Charges: Also known as closing costs, these are the customary costs above and beyond the sales price that must be paid to cover the transfer of ownership at closing.
Balloon payment: An oversized final payment due at the end of certain mortgage loans. Occurs when the entire loan amount is not amortized over the life of the loan.
Interest rate: The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of money.
Break-even point: At the break-even point, the savings you receive from refinancing equal the costs.
Property insurance: Protects the homeowner from weather-related damage, as well as potential liability from events that occur on the property.
Tax rates: The percentage of your taxable income that is owed to the state and federal governments. The tax rate increases as the taxable base amount increases.
Origination Charges: The sum of all fees and charges from origination-related services. This represents all compensation to the lender and/or broker for originating the loan.
Other settlement services: Fees paid for services associated with the purchase of a home that do not represent compensation to the lender and/or the broker for originating the loan.
Term: The period of a loan, generally measured in years. Auto loans generally range from 2 to 5 years. Mortgage loans: 15 to 30 years.
Origination fee: A lender may charge an origination fee that is additional to any mortgage points you pay. Origination fees are the lender's charge for funding your mortgage with a mortgage broker. The process of funding your loan is called origination.
Present value: The value of a future payment, or series of payments, discounted at the appropriate interest rate to determine the value in today's dollars.
Homeowner's insurance: Protects the homeowner from weather-related damage, as well as potential liability from events that occur on the property. Normally required by lenders.
Property tax: A tax assessed on real estate by the local government, usually based on the value of the property (including the land) you own.