Should I refinance by duplex?

[Joe P.]

Hi all -- looking for your opinions on this. I have a duplex in NJ and my mortgage loan is a 30 year, 5.625% rate, 77,175 initial balance, opened August 2018. It's now down to about ~75,000. My principal and interest payment is $444 per month.

The rate alone, and the rates I've been quoted today (3.25% - 3.50%) make me think I should refinance  just to cut the interest down. My lender says with all fees wrapped in, I could refinance with approximately 82,000 loan, also 30 years, at that rate (he says he always quotes high, so maybe between 80,000 and 82,000). At that mortgage loan and rate, I'd be at $359-$368 per month.

I could also do a 20-year loan, which would be $470, which is advantageous as well.

The property cash flows decently well (approximately $250 per month), so looking for your opinions:

• Should I refinance to a new 30 year and reduce my P+I by $80-$90 per month?
• Should I refinance to a new 20 year and increase my P+I by $26 per month, and shave 8.5 years off my loan?
• Should I stand pat and do nothing because my loan is too small to be worth doing it?