refinancing from a 30 yr fixed to a 15yr fixed

[Kelly R.]

I asked this question before but since then the interest rate has dropped a lot more. I have 22 yrs left on a 30yr mortgage and owe 85000 , at a 4 percent fixed rate. Is it worth it to refi to a 15 yr fixed at 2.75 percent, with 5,000 in closing costs, or simply pay an extra principal payment instead and avoid the closing costs?