Which Mortgage Plan should I do…20 year or 30 year?

20 year or 30 year mortgage. ?
I just got my mortgage interest rate quotes for refinancing. I have Excellent Credit! I am 30 years and single.

30 year fixed @ 5% payment $ 805.23
20 year fixed @ 4.875% payment $ 980.02

If I purchase a point

30 year fixed @ 4.75% Payment $ 782.47
20 Year Fixed @ 4.625% Payment $ 959.53

I plan in staying at this residence for a long time. Probably own it for the life of the loan. The 15 year was about $ 1150 a month in payments so I am really focusing on the 20 year considering it is only 177 more a month than the 30 year.

I can afford all of them…and I am thinking also if I do the 20 year, I can make 1 extra payment per year which can cut down my years on the loan….

Which one should I do???

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