You’ll have to shop around and compare rates and refinance costs available through different lenders to get an accurate answer to your question. The payment figure you provided us also looks like it includes your taxes and insurance. We can tell you that 15-year rates here are running around 3.25%. An $188,000 mortgage at 3.25% would have a principal and interest payment of around $1,440. Our guess is that this isn’t much different from where you’re at, and it may come with a steep price tag in terms of closing costs. So, do your shopping and tread carefully.