Interest rates are considerably lower at the moment and moving to another mortgage may reduce your monthly payments. The recommendation is that if the new mortgage isn't at least one percent lower than your current mortgage you won't be saving anything. Don't just assume you will be saving money, even with a lower interest rate, calculate closing costs, points etc. and see how much it will add to your principal. Also remember that you have already been paying on the loan so going from 11 years on your current loan to a 15 or 30 year mortgage might lower the monthly payments, but will cost you long term.
It may be better to work out a plan to pay off your current loan. On a $100,000 loan your interest at 5% will be over $40,000 for a 15 year loan. Early mortgage payoff calculator
here.
Bankrate has numerous calculators you can use to see how making additional payments will lessen the length of your loan. Check
here.
Payoff calculator at
Loan Shoppers
Loan Amortization Table
here
