I owe 275000.00 at 5.25%. Should I refinance at a 15 year 4.25 % to pay off sooner?

Question: I owe 275000.00 at 5.25%. Now, 20 years left. Should I refinance at a 15 year 4.25 % to pay off sooner?

Answer:
Before considering IF you can afford the new payment (presumably higher than your current), I suggest you consider the potential interest savings.

for 275k, 5.25% simple interest is $14,437; and 4.25% is $11,687; with a potential interest savings of almost $3,000 per year,

Since it looks like you can save more then enough interest to recover the costs, if the payment amount is ok with your budget a refinance appears to be a good idea.