MORTGAGE RATES ~ 20 Year vs. 30 Year. Time to Refinance??? A case study. Refinancing with a 20 year mortgage does make sense. When refinancing you want to take a look at monthly payments, percentage rates, term of loan and then at total cost of loan and total interest payments of loan. If you take a look at the example down below you can see that with lowing your interest rate by 1% and the length of time (term of your loan) of the loan, you can save thousands of dollars. Check with your local Mortgage Broker, Mortgage Banker and Lending (0 comments)