Refinance Your Mortgage:
you can payoff your mortgage faster by refinancing at a lower repayment term; i.e., refinance from a 30-year to a 15-year term.
Understand that when you lower the term from a 30-year to a 15-year mortgage plan, your monthly mortgage payment will increase - see sample below.
If you kept your 30-year mortgage and instead made a monthly lump payment equal to the net payment increase, you will get the same payoff benefit.
Of course, lower repayment terms mean lower interest rates, so the benefit will be greater. However, it costs money to refinance your mortgage. So any benefit from a lower rate may be offset by the costs to refinance.
view this home refinancing break-even calculation to estimate your cost to refinance