[masraum]

Hit one of the online mortgage calculators unless you've got a spreadsheet, and check out what your current payoff would end up as ie, if you have 200k in principal, and in the next 20 years you'd end up paying 25k in interest, then your total would be 225k. Then figure out the same if you refinance at 20 years for the reduced interest rate, see what the totals would be. If you save enough money to make it worthwhile, then do it. If the end is 200k and the interest is 20k for the next 20 years, then you'd save 3k (because you've got the 2k up front). Are they going to want to refi for 30 years or 20? Do you want to refi at 15 years and maybe you'd save even more with basically the same int rate?