<prompt> Human: I am 7 years in to my 30-yr home mortgage. My interest rate is 6, so I know I probably should have refinanced a few years ago when rates were really low, but I didnt quite have 20 equity and I didnt want to have to pay PMI which I dont with my current BOA loan. I have 20 equity now, and I can afford to pay a little more per month, so if anything, I would like to refinance to a 15 year mortgage. Would I be saving a lot of money on interest by doing that, as opposed to just paying extra every month on my current loan? I hate to have to pay closing costs again. because I am a big cheapskate.  <response>: Would I be saving a lot of money on interest by doing that, as opposed to just paying extra every month on my current loan?You would cut your interest rate in half. 15 year loans are around 3 right now with perfect credit. I hate to have to pay closing costs again. Some lenders offer no cost refinance. If their normal rate is 3, you might have to pay 3.25 or 3.375 but with that you should be able to do a no cost refinance. 