[aasu]

Little background
I have an 80(6.75%)/20(8.25%) mortgage that is 4 years old. I've been paying an extra hundred on both mortgages since the first payment. These total roughly $1250/month.

I just talked to the loan company and they will refinance into a single loan at the following rates: (these include escrow and closing costs)
30yr(5.25%), payments ~$800/month
15yr(5.50%), payments ~$1100/month

I'm leaning toward the 15 yr loan. Is there anything I'm missing that might make me choose the 30yr over the 15yr? The only thing I can think of is the closing costs. Do they include all the closing costs or just the costs associated with the loan company? Leaving open the additional third party closing costs.

thanks