This is a personal call more than a math problem, and a few questions sort it out. First, is there a payoff finish line, and do you have a plan and a budget to reach it in retirement? Some people are genuinely bothered by carrying a mortgage into retirement and want to own free and clear. Others are comfortable keeping a low fixed housing cost and letting their savings work elsewhere. Neither camp is wrong, but knowing which one you're in drives the decision. Second, how would you fund an accelerated payoff? If the plan involves drawing from an IRA, be careful about the tax hit of a large withdrawal in a single year. Spreading withdrawals can keep you out of a higher bracket. Take that piece to a tax professional, since we don't give tax advice. On the refinance itself, resetting to a fresh 30-year term lowers the payment but stretches the timeline and gives back years of amortization. Ask whether matching your remaining term gets you the rate relief without pushing the finish line out. Resetting can still be a valid choice, as long as you're deliberately choosing the lowest payment and know the trade. And as the balance shrinks, the bar rises: on a modest balance you generally want close to a full percentage point of improvement before the savings outrun the closing costs. Nobody can promise where rates go, so don't bank the plan on a future drop. If it helps to see the payment both ways, that's what the free Roadmap conversation is for, about 20 minutes where we run your real numbers.