refi to drop MIP (but may have a higher interest rate) or not?

[Kat Hughes]

Hi!  New to bigger pockets and would love some advice on refinancing or not...

We bought a $640K Multi Family home in 2012 (north hollywood, Ca) with a 3.5% interest rate, FHA loan.

We refinanced in 2015 and took out 100K which brought us to 709k with a 4.875% interest rate.

We're now at about 680k with a $4800 mortgage, $600 of which is our MIP which I guess we can't drop until 2027 unless we refinance with a conventional loan. M&T bank used the lock in MIP so we cant remove it even though our house has appreciated over 40% in the last few years.

Should we refinance again to take that MIP off but then possibly have an even higher interest rate OR, just wait till we finish paying that MIP? We would save roughly 3-500 per month by dropping the MIP, but then lose a few years of paying off the mortgage.

Thanks in advance for reading and maybe giving some advice! :)