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Updated about 5 years ago,
My refinance numbers to remove pmi
Thanks in advance. I need advice from mentors here. I have a monthly payment of $2700, 27 years left, $399k fha loan at 3.5%. PMI is almost $300. I am getting quotes to refi to eliminate pmi. All quotes are coming back with $2600 payment at 3.99% for 30 yr loan. After all fees, ecsrow, etc the new loan will be 411k.
Is it worth it to do the refinance to eliminate the pmi and only save $100 mo on payment?