A table showing the mortgage payment broken down by interest and amortization, the loan balance, tax and insurance payments, and the balance of the tax/insurance escrow account.

Amortization Schedule Calculator

See a breakdown of exactly how a loan is amortized- and the how much principal you pay off in the first few yrs vs. the last few yrs.

Bankapedia's Take

One of the dangers of refinancing is that you effectively start the cycle of low principal payments all over again. So even though you may have lowered your interest rate- take a look at an amortization schedule to see how much interest you are paying per payment. Often times despite a lower interest rate and a lower payment, you may actually be paying more interest, especially if you refinanced a loan that was 5 or more yrs old. 

Patience works- if your rate is relatively low, stick with it, you will really start to burn off the principal as it matures.