A refinance cash-out analysis

[Eli M.]

Dear BP community,

I have an analytical question over here. based on your professional experiences what is better and what will produce a lower payment for me to have a lender who offers 7.5% interest rate fixed for 30 years and amortized over 30 years or a lender who offers 5.5% interest rate but fixed only for 5 years and amortized over 20-25 years?

Thank you all in advance!