Refinance

[Vanraw]

the beautiful thing is the amount you knock off the principal every month. I went from taking $400 off a month to $1100.

Beside the slightly lower rate of a 15 year, it sometimes doesn't make sense to do 15 year. What I mean by that is the concept of paying off a mortgage early is one of self discipline more then a contract that forces you to do it. It depends on the rate and point difference between the 15 and 30 year.

Lets say you had 3% for 100k.

30 year is 421 a month
15 year is 690 a month.
Note no property tax or insurance here...

There is no reason you can't have a 30 year and simply pay the extra 269 every month and pay off your mortgage at the exact same time as 15 year.

The benefit of the 15 year is lower rate. About half a point.
The benefit of the 30 is if you ran into tough times like losing your job, you could lower your monthly outlay each month without having to go to the bank.

I always thought it was silly when people would sign up for bi weekly mortgage payments because it cuts like 4 years off your mortgage. All you have to do is pay one extra payment a year to get the same benefit.