What should I do about my mortgage?

I’m 27 y/o and live in Lexington N.C. I bought a house a couple of years ago but the $ 730 house payment is kicking my butt every month. I have some knowledge about refinancing but was wondering what would be the best option to lower the payment and (if possible) shorten the loan. At this rate I’ll bee 55 when I finally own the place. Never really refinanced a mortgage before and was looking for some tips before I make the commitment. Here’s some of the info and if you need more just ask.
Loan type and term:30 Years
Original principal balance:$ 83,892.00
Contractual remaining term:28 years
Interest rate:7.25%
Current principal balance:$ 81,341.73
Its assesed at 79,500

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