is it better to refinance at 2.875 15 year vs 20 year at 45

I'm going to go ahead and say yes, because you save money in the long run. the problem you may face is affording those payements. Whats the loan amount?

That's a question only you can answer.. There is no doubt that you can save thousands in interest if you go 15 years vs. 20.. even if you intent is to be in the home for another 5 years or so... you will pay down your principal much quicker... the question is, does this higher payment create a strain on your budget?.. if something happens where your unable to work, can you still support the payment? so depending on your answers, you can answer your own question... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

it all depends on the size of the loan, and what your age is .. are you close to retirement?

The reality is that the shorter term is going to have a larger payment, but not that much larger. At a loan amount of $200,000, the 15 year payment is only $105 more than the 20 year payment, so if you can swing the extra $105 each month for the next 15 years, you'd save over $63,000 in interest. Yea, I'd say it's worth it. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950