Proud new owner of..........20% of my home, no more PMI!!!

[amarowsky]

apparently i can refi for as low as 2.7% on a 15 year fixed. It'll probably cost me my tax return $2000 (ish). Do you think it is worth it for me if I plan on staying in my house for another 6 years at least. My current interest is 4.7% on a 30 year fixed. My payment is 680 per month, and 56 monthly going to PMI, I also pay an extra $150 a month towards principal. So I did the math and if I went to a 15 year conventional fixed, My new payment would still be slightly lower than what I pay now including the extra towards principal.

[amarowsky]

I could just supplement the amount from my new payment from my old and Add the difference towards principal.

[$ hoarder]

It may make sense but that would be up to you assuming you have no other debt etc. My decision was easier because we do not plan to move from this home.

[Treeluva]

Congratulations!

[amarowsky]

i have no debt either, and my PLAN is to move when im 30(ish, give or take a few years). So thats 4 from now +/- 2 years. I did all the math and if I refi'd at only a cost of $2000-3000 I would have made up the difference in less interest/more principle paid in 1-1.5 years. Plus the 15 year loan would be slightly cheaper than my 30 year loan + my extrapayment towards principal. no need to really raise what I'm paying to the loan again, seeing as extra payments now are strictly to get away from PMI soon as possible.