Can someone offer advice to me on a land contract scenario....here it is.

I am making quarterly payments to a private owner on a 10 year balloon land contract at 6% interest. This was an attractive rate when I entered this contract almost 3 years ago.At the current time I can get a 4.5% rate from local lenders. Here is my question: Can or should I refinance thru abank and pay this contract to the private party off early? If I do,pay it off early,would only the remaining principal of loan need be paid or the full amount of interest and principal of the 10 year contract and balloon at the end.In other words,will it save me any money by paying off early? Thanks for any and all responses....