I am trying to figur if it's time to refinance. I am 59, retired, and have 23 years left on mortgage. Interest is at 5.62% now. Can't figure which would make sense... Refinance 15 yr. at 4.62%, 20 yr. at 4.99%, or leave it. 30 yr. is at5.24% but that doesn't make sense at all to me. My payment would go up $156 on the 15 yr. Up $22 on the 20 yr. Down $103 on the 30 yr. I could pay down the principal by taking money out of 401k tto keep payment anywhere. The present payment is no problem but would mind saving on interest paid. This started when I was called by my bank with offer. They say there will be only $299 in closing cost.