1. Check with your bank to see IF YOU CAN M O D I F Y  your mortgage.
  2.  Look for rates and payments on 12, 15, 20, 30 year mortgages to see what you can best afford
  3.  The R A T E  is the critical number not the years
  4.   How soon you pay off the mortgage is not important the R A T E is important
  5.   The rate is the R E N T of the money
  6.   If you have 40% equity get FIXED RATE EQUITY MORTGAGE pay off 1st mortgage (low closing fee)