Home Refinancing - Part 2

Back in December 2008 I wrote about the process we took to refinance our home into a 15 year loan. I also wrote an update where we decided to back out of the refinance, because of the associated out of pocket costs.
Just over two years later, we decided to go down that path again. On Friday, April 1, 2011, we signed the paperwork to refinance to a 15 year fixed rate loan at 4.375%. Our monthly payment will be the same. We have been in our house for 7 years, so we have 23 years left on our 30 year loan.
While punching numbers into a couple of online calculators, comparing our old loan with our new loan, while just making the minimum payments each month, we are going to save around $75,000 in interest payments. That is significant enough that our investment of $5000 in closing costs ($3100 out of pocket) will provide a great return on investment.
Comparing the two refinances: in 2008 we were offered a 4.875% interest rate, this time we almost locked in a 4.5% rate, but for one week the rates dropped and we were able to lock in a 4.375% rate. This reduced rate means that our monthly payment will be within $50 of our current monthly payment. I believe our appraisal came back the same (around $190,000). Our closing costs were the same, although this time we had the cash available.
We should be able to recoup our closing costs within just a couple of years, while making minimum payments. We plan on paying extra each month, starting later this year. We should have our house paid off in less than 12 years.
In conclusion, we decided to refinance while rates were low. This will automatically force us to pay off the house sooner, or if we decide to move in a few years, we would have much more equity available, because more of our monthly payment will now go towards paying down the principal.