Does it make sense to refinance from a 30-year to a 15-year mortgage?

Refinancing from a 30-year into a 15-year can be a powerful move: 15-year loans carry lower rates, and the shorter term slashes total interest while building equity fast. The trade-off is a higher monthly payment, so it works best when your income is stable and you have margin in your budget. Compare your current rate and remaining balance to the new 15-year rate, and weigh the closing costs against the interest you'll save. If today's rates aren't much lower than yours, you can get a similar effect for free by simply paying extra principal on your current loan – no closing costs, and you keep the flexibility to drop back to the required payment in a tight month. Model the break-even before paying to refinance at wealthserene.com/tools/refinance-analyzer.