This is an excellent question. I have run some calculations for you as follows: 1. to refinance 285k @ 15yr 4.6% $2194 payment2. continue existing to amortize in 15 yrs. $ 2269 paymentThe difference is $75 a month to accomplish the same task.Your costs to re-finance are about $4000 (no pts) Divide 4000 by 75 and get 54 months to achieve break even on your costs. The answer therefor is that you can save $75 monthly after 4 1/2 years of. This does not take into account the interest you could be earning on the $4000 in re-finance costs that you will have to pay immediately either in cash at closing or rolled into the loan amount. The one benefit you have in your current situation is the ability to make the lower payment if financial ability was reduced for some reason. After you re-finance into the 15 yr program you are locked into the higher monthly payment.Just some thoughts to ponder.

That seems like a rather high rate, I would say to refinance with me, 15 year fixed rate at 4.25% (no points). Piper CarterMortgage Consultant Austin Advantage FinancialP 512 410 7506 / 347 962 9391F 866 200 6857pipercarter@openmtg.comwww.aaftexas.com

If you are able to make more payments to lower your payment, you should retain the current mortgage and save yourself the closing costs associated with a refinance. If you are able to make the payments for several years you will automatically knock off a couple years off of your mortgage. In my opinion maintain the mortgage you have now, and simply contribute the extra towards principal. You will accomplish the same, while saving you the closing costs. Best of Luck.

By paying extra towards your current loan you are going to be achieving in essence a lower rate. I would stick with your current loan and just pay extra on your monthly payment as you can. Because emergencies come up its nice to have the flexibility to pay your normal payment.