This is a math problem and a personal choice. As far as the math goes, run some numbers and compare your current payment to what would happen with a lower rate and shorter term. Depending on how much lower the rate goes, you may not see much difference in payment but the shorter term will save you thousands.
The personal choice question is what is important to you? Some people live their lives around cashflow and will refinance a new 30 year mortgage over and over never making any headway but lowering the rate.
Others look to be out of debt in a reasonable time.
One last thought, if you are 5 years into a 30 year fixed mortgage loan and refinancing makes sense, try not to start over. You can do a new 25, 20 or 15 year term, each one will be slightly better in rate and still get you paid off faster than a new 30 year term.
You age will def be a factor.
You Income Tax deductions come into play.
What are your long term goals? Retire where?
How old are the kids? Soon to have Empty Nest?
Too many possibles.
I assume you are saying from a 30 to a 15 year. It saves you a half a percent in intewrest rate. That realkly doesn;t help you if you are hospitalized with stress and high blood pressure
I never recommend pushing to the point of pain umless you are extreemely disciplined AND you have significant reserves.
Interest rate isn't everything especially when you it causes pain.
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