Should I refinance to a 15-year mortgage?
Refinance to a 15-year mortgage if (1) you can comfortably absorb the higher monthly payment, (2) you'll save at least 0.5% on the rate, and (3) you'll stay in the home 5+ years. The interest savings are substantial — often $200,000+ on a mid-sized loan.
More context
Refinance to a 15-year mortgage if (1) you can comfortably absorb the higher monthly payment, (2) you'll save at least 0.5% on the rate, and (3) you'll stay in the home 5+ years. The interest savings are substantial — often $200,000+ on a mid-sized loan. The exact answer depends on your specific situation — the numbers above are a strong starting point, but the right next step is to plug in your actual figures.
For a deeper analysis, use one of the related tools below — they take your specific income, debt, location, and goals as inputs and produce a tailored answer.