I have a 30 year fixed rate mortgage at 5.625%. I am 5 years into the mortgage. My monthly payment is $1,191.44. My outstanding balance is 186,623.95. The present value of the home is $300,000.00. Considering the cost to refinance, what interest rate would I need, to make it worthwhile to refinance, and what is the maximum I should accept to pay as closing costs. If I add the closing cost onto the mortgage should I expect to be creating a new 30 year mortgage? I am 77 years old and can not expect to out live the mortgage. What advice can you offer?

I am an excellent credit risk. When I bought my current home, the mortgage agent said my credit score was the highest she had ever seen.