Joe’s main point is correct, and I say this working in the financial industry.
Anyone who refinances their mortgage (including me) will now see a payment schedule reset to mortgage-first. I refinanced my loan based upon the amount of remaining principle I have to pay (it was an FHA Streamline, which did not require an appraisal).
That is why we recommend that those who pursue such a strategy, especially later in their mortgage, rededicate a portion of their cash flow savings to extra repayment, to lower the principal amount more quickly as a vehicle to early debt retirement.
rented fingers. Mortgage-first = interest-first. Argh.
Or simply take a lower loan period.