15 year refinance decisions that shape decades

In practice, I compare total interest erased against the higher payment; last week a teacher asked to be free of debt by 50, and we ran the 15-year side by side with her 30-year. Monthly costs rose, but equity stacked fast. Barring sharp rate shocks, I'm confident the 15-year path trims lifetime interest, though timing can be tricky.

What I check first

• Payment delta and break-even months.
• Remaining term reset risk and limited-time offers like credits or buydowns.
• Closing costs vs lender-paid pricing; prepay options.
• Long-term impact on savings, emergency fund, and taxes.

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