[Canada] 4 or 5 year mortgage term?

Hi everyone,

My husband and I own a 3 bedroom townhouse in the outskirts of the GTA.

The house is worth an estimated $380 000. With prices only going up. We originally paid $283 000 with 5% down. Over a 25 year amortization. We pay bi-weekly so we're already down to a 17 years 2 months amortization period.

We've been in the house for 5 years. We'll owe: $229,731.93 on their mortgage renewal date. Our current interest rate is 2.89%

We have two options we're considering:

-       4 year closed fixed term 3.14%

-       5 year closed/fixed term 3.39%

4 year term/17 years 2 month amortization- payments of $664.39 bi-weekly (plus property taxes) with a final balance of: 186,275.67

5 year term/ 17 years 2 month amortization- payments of $677.32 bi-weekly (plus property taxes) with a final balance of: 175,542.36

Additionally we currently have a $40 000 personal loan (will be $38 000 on renewal date), which is currently at 9.52% interest (ouch). The primary reason we are going with this lender is we can lower the interest and roll it into a mortgage segment, so it's secured against the house at the lower 3.14% rate for a 4 year term/ 5 year amortization. It rolls into a line of credit after the 4 years. Bi monthly payments of 361.32.

The personal loan helped to fix a serious issue with the house, and it was the only option at the time.

Basically, which option is best? We have a Good income and can easily afford either option + the loan.

Edit: no credit card debt. Less than $9k left in our student loans & we have a $26k car loan at 1.99%