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15 Year vs 30 Year Mortgage + Student Debt

Bogleheads • View forum - Personal Finance (Not Investing) - www.bogleheads.org
Emergency Fund: $10k

Joint Income: $110k

Debt $86K ($84k Student Loan 4.8%, $4k Auto 1.99%)

Mortgage 223k 5/5 30yr ARM 4.25%

401K(5% Contribution + 4.5% Match)

Married

Age:31

No Kids currently although will be planning in 2-3 years

Budget:

Excess in current budget to apply to debt: $2500

Question: Should I refinance the mortgage to either a 2.75% 15 year or a 3.375 30 year? Increase in monthly payment between the two would be 540$.
Date: Jul 20, 2016   


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