Forget about option #3. Options #1 or #2 are your best bet but without some other information it's hard to give you the best advice.

Whats happens to your debt to income ratio if your payment goes up by $275 on the 15yr note? What's your DTI now?

What do you owe now and how much time left on that mortgage?

What's your current loan to value ratio and what will it be when you refinance?

Whats your current interest rate? What rate are you being offered on the 15yr and the 30yr?

How long have you been at your job? Is it stable? Prospects of a future raise?

I understand those are some personal questions but they're pretty crucial to understanding where you sit and what your best move should be.

Feel free to PM me if you don't want to broadcast that kind of info all over the interwebz.