Is it worth it to refinance my mortgage?

The details: Currently owe about $80k on the house, it's worth $95k (I live in a rural area). Current interest rate is 5%. New interest rate is 3.875%. Quicken Loans is the mortgage company. Is it worth it to refinance, considering the costs and fees? I am in year 3 of the current 30-yr mortgage, I... show more The details: Currently owe about $80k on the house, it's worth $95k (I live in a rural area). Current interest rate is 5%. New interest rate is 3.875%. Quicken Loans is the mortgage company. Is it worth it to refinance, considering the costs and fees?

I am in year 3 of the current 30-yr mortgage, I understand that after the refinance, even if the payment is lower, the amount of principal in the newly-refinanced payment may be less than what I'm paying now. I am putting a little extra each month toward the principal. I am 48.

Another option: should I look at the 15-yr loan, and see if I can afford the monthly payment?

Thanks!
Update: Angry Bird: yep, that's kinda where I was headed too. How much can a person save in the long run. Thanks!
Update 2: Qarrri.... lmao... get off my butt? Seriously? I didn't ask you if I should get a second job. You know NOTHING about my situation. Focus on the question next time. Don't judge. Just give advice. Got it?
Update 3: Y Dobon: EXCELLENT info, thanks much. Appreciate it!
Update 4: Excellent advice Godged, thank you so much! Yeah, I've decided to pass on the refi.
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