So I have been offered a lower mortgage rate of 3.2% to refinance my home mortgage, which presently sits at 5% for a $145K home (I presently owe about $121K out of that $145K). Thing is, my wife and I have been thinking that we need to move to a slightly larger home within a 5-year period (we have 2 kids, only 2 bedrooms, we want a 3-bed home). So at this point, shelling out the costs of closing and the appraisal, which will be approximately $4K, might not make a lot of sense if I am planning on selling 5 years down the lane? In other words, would I recoup the costs within that 5 year period?

Any advice would be welcome. Thanks.

Edit: Forgot to say, I would go from a 30-year, 5% loan to a 15-year, 3.2% loan.

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