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Should I refinance to a 15 year mortgage or stay with my 30 year and just pay extra principal every month?

Question

I have a 30 year fixed mortgage with a good interest rate (I don’t remember exactly, but I remember it being comparable to other rates on the market when I checked). I’ve had the mortgage for about 3 years now, with 100% on-time payments. I’ve switched jobs recently and have extra income, and I am able to put more towards my mortgage. Should I refinance to a 15 year fixed mortgage or stay with my current mortgage?

Also, I have a car loan for my current vehicle, should I focus on paying that off before putting the extra money towards my mortgage?

Answers

Someone answered:

I've always heard keep the 30-year and make extra payments.

That way if something comes up anytime over the next 15 years you can always fall back to the smaller 30-year payment until your budget allows for extra payments again.

Someone answered:

What’s the car loan interest percentage?

Someone answered:

I'm not a guru so perhaps a guru will comment as well… but I always thought that if you can save more than a whole point on the rate by refinancing… then you would be good to do so. if you can afford to pay double principal on a 30… then you should be able to even contribute a bit extra even on a 15… I know when I refinanced my house to a 15 it shaved 85k off the final loan value.