On the typical fixed rate loan, amortization schedules are a function of rate, time, and payment. If someone wants to accelerate the schedule, they just need to

On the typical fixed rate loan, amortization schedules are a function of rate, time, and payment. If someone wants to accelerate the schedule, they just need to pay more principal each month. So, if someone already has a 30 year and the 15 year rate isn't much different, refing into a 15 isn't necessary. Just start paying monthly like a 15 and it will get close enough. Also, if I already had a high rate loan and was refing where the 15/30 rates are very close, I would go 30. That way I can pay it like a 15, but have the flexibility to pay less if, for example, I lost my job. Finally, this is why it's common to make 1 extra payment each year as it will shave ~4 years off the end of the loan. https://www.trulia.com/blog/make-one-extra-mortgage-payment-year/ https://www.trulia.com/blog/make-one-extra-mortgage-payment-...