Refi - 20 year or 30 year?

[Jack Taylor]

I'm in the process of refinancing my place. I have had refinanced once to get a lower rate, but I want to refi again now to get out of my PMI.

My issue is that I've been in the place for 12 years now, and I feel like if I do a 30-year loan, It's almost like I will end up with a 42 year loan (in theory, it actually is). That makes me feel like I've gotten nowhere with all of these payments--stretching out the loan further. I would, however, like some extra cash in my pocket with the lower payment, as opposed to a 20-year refi.

Can someone help clear this up for me?