Are you talking about monthly payment or lump sum? When the lump sum doubles yet the monthly payment is the same, has the cost really changed? To me, no. I was never going to buy lump sum, so I only care about monthly payment.
Yes of course it has. You've just over doubled (interest rates are low but they're not nil) the time it's taken to pay back that loan.
The only difference is the down payment, which matters because a bigger down payment means more opportunity cost of stock market gains.
You mean the repayment amount? I'm not sure what you're asking.
Of the lump sum price (principal), interest rate, loan term (time), and monthly payment, you can only change three of the four, for a fixed rate loan. The fourth is defined by the combination of the others.
This touches on another point. For home owners like myself, inflation is a good thing as it makes my highest monthly expense relatively cheaper.
I know people who refied into 15 year fixed, but the rates have typically been so close I didn't see the point. Just pay more each month on your own and avoid the costs of the refi.
So, if someone already has a 30 year and the 15 year rate isn't much different, refing into a 15 isn't necessary. Just start paying monthly like a 15 and it will get close enough.
Also, if I already had a high rate loan and was refing where the 15/30 rates are very close, I would go 30. That way I can pay it like a 15, but have the flexibility to pay less if, for example, I lost my job.
Finally, this is why it's common to make 1 extra payment each year as it will shave ~4 years off the end of the loan.
https://www.trulia.com/blog/make-one-extra-mortgage-payment-...