Should we Refinance for a lower interest rate?Hi! Can anybody help make a decission. We have a 15 yr fixed mortage that is due on May 2024. Our current interest rate is 4.88%, making about $1400 monthly payment. We wanted to get it paid as early as possible. We can make an extra payment of $300 a month. The bank has offered us a 3.99% interest rate but will push it to 20 yr fixed mortgage, no finance charge. Should we refinance and just make the same payment as we are making right now and the extra $300 a month? or should we leave it as it is and just pay the extra $300? Any advice? Thanks!July 19 2012 - US0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.