I refinanced a few times. Originally bought the house with a 30-yr mortgage at something like 5.5%. A few years later, we cut it to a 15-yr mortgage and a lower rate. That did raise it a couple of hundred a month, and we also paid $100 a month extra principal. Six years later, with my wife no longer working, we refinanced to a 12-yr mortgage at 4%. Friends said I was crazy to go to 12 years when I had 9 left, but I saved $300 a month principal, which was vital with my wife not working. And so we will be paid off in 19 months, and it will be 20 1/2 years after the original 30-year mortgage. We saved thousands, and when done, it will free up a much-needed $1,000 per month, as my daughter is only a few years from college now.