<prompt> Human: It will lower my mortgage payment by 300.00 a month. I can defer 2 mortgage payments and put that money in savings or apply to credit debt. I was told I break even in 37 months. This rate is 3.75. I have been watching rates for about a year now. There are lower rates for 15 year mortgages but I cannot afford them. Other lower rates like 3.375 have 2.5 points 25,000. The only thing stopping me is the what if rates go to 3.65 or 3.55? and I get stuck at 3.75 because I wasted the money on closing costs.  <response>: Not sure how this makes sense. They are probably resetting the term, so it will be a new 30 year mortgage, when you only have say, 25 years left on the current one. You will pay much more over the long run by stretching it out, even at the slightly lower interest rate. 