Refinance loan terms

[Mike Kratz]

If you have the option of these 2 loans. Which one do you take and why?

Based on a 110k home

the 20yr rate is at 4.99% with a loan amount of $88K the principal and interest payment would be $581. Closing costs would be $600

If you do the regular 30yr refinance going up to a 70% loan to value, the rate would be $3.875% with a loan amount of $77K the principal and interest payment would be $363. The standard closing costs would be roughly $2K and the additional costs because it's an investment to get the best rate would be $1800 - total closing costs of $3800

I think I know the one I prefer but I am looking for some opinions.