<prompt> Human: So my wife and I bought a short sale house in 2009. We owe about 144,000 on the house. Originally we got a 30 year mortgage at about a 5.2 interest rate. Then in 2011, I decided to take advantage of the plunging interest rates, so we refinanced to a 20 year fixed rate mortgage at 3.875. My main concern at present is the monthly payment is steep and it will likely increase a bit each year due to rising property values. Basically one of my two monthly paychecks covers the mortgage. My wife works part time and we are still working on keeping the right cash flow...  <response>: 144k at 5,2 over 30yr is 790month tax and insurance144k at 3.875 over 20yr is 863month tax and insuranceSo for an extra 73month you shaved 10yrs off your mortgage and about 94,800 in interest payments. So yes you did the right thing, for the long term. However spending half your income on housing is an issue, and one youll need to figure out before it becomes an issue. Sooner or later something will come up, and youll be hit with spending money, be it a failed furnace, car accident, or job loss. Frankly Im surprised the bank let you get into such a debt to income ratio.One option would be to refi back to a 30 year, and drop your payment a bit. Other options are to spend less in other areas, and create a emergency fund to cushion you when things do come up. And as always, earn more, but that is easier said then done.Good luck! 