re: Mortgage re-finance question

Physician here as well, so you already know my financial advice is worthless.

My wife and I refinanced to 20 years about 6 months ago. We dropped from 4.5 to 3.25. Our payment went up just very slightly. We also used an online lender (Sebonic/Cardinal); and after closing cost credits, the whole process cost about $500 out of pocket (plus 30-40 hours of my time). I doubt we could have used an online lender to get the original mortgage, because it was too complicated for us for extenuating circumstances (no guilt now for changing either, because our original bank was purchased by a different bank,which is terrible).

I know my wife (and probably me too) did not have the the discipline to do extra payments. And I know there are many financial gurus who know they'd be better off keeping the loan and investing the difference. I respect them for that.

Still, my wife (also an MD) and I have about $1,000,000 in loans (student and mortgage), so the thought of getting that paid down quicker was appealing (though we struck the jackpot on our student loans at a rate of 1.85% so we will not touch that).

Finally, I doubt you get any financial benefit from sticking with your current bank. And if the rate difference is as modest as you say, it might not be worth the time or money (from your increased payments). If this is not your forever house, I would not refinance right now either.

Tl;Dr
Consider looking at 20 years as well, and consider an online lender.