Refinance Now and pay the pre-payment penalty or wait til the pre-pay expires then refinance?

So a dliemma has been presented by a borrower that has a pre-payment penalty and is wanting to lower the payments, but has less than one year for the pre-payment penalty to expire.

If a borrower has a pre-payment penalty and is considering to not refinace because of a pre-payment penalty, then you need to do the math and compare the long term savings by getting the lowest possible rate while rates are low rather than waiting til the timer period expires for a pre-payment penalty to expire. The bigger risk is that rates will increase and by waiting you will in turn pay more in interest over the term of the loan rather than biting the bullet and paying the pre-payment penalty now. By analyzing the numbers with the help of Excel, which is my best friend in determining the benefit and seeing the true numbers, you will then see the wisdom in what to do for your personal financial matters.
Here's the link to the excel spreadsheets that I've made available to help make the decision by taking a step back and analyzing the numbers.  Once you plug in the numbers and review the figures, you can then know if you should proceed to move forward or not to refinance at the current time.

http://wedohomeloansforyou.com/index.php?page=calculators-payment-comparison
Make sure you not only use this spreadsheet yourself, but also share it with your family and friends so they can help make the decision that they can better their finances for the long term.