Q: I am trying to figure out whether my loan, which is at 6.75 percent interest rate, is worth refinancing now. I owe about \$65,190 on my home and wonder if I would be able to pay off the loan in 5 years. How can I calculate that?

A: The answer to your question depends on how far into your original loan you are. If your loan is only 3 years old, then you might want to refinance. If your loan is 25 years old, and you only have 5 years left on your original mortgage, it may not be worth the expense of refinancing, even if you get a lower rate. That’s because you’re almost entirely making principal payments and paying almost no interest.

But let’s assume you’re only a few years into your loan. If you get a home equity loan for \$65,190, the interest rate will be 4 percent or less right now. If rates were at 4 percent, you’d pay off the loan in 5 years with a monthly payment of about \$1,200.

I don’t know what you’re paying now because you didn’t tell me what your initial loan amount was, but if \$1,200 per month is affordable for you, your loan will disappear quite quickly.

Feb. 28, 2001.