Should I refi my FHA loan?

[Mike Provencher]

I have a duplex that I live in and rent the other side.  

I got in with a 3.5% FHA loan which has mortgage insurance on it.

My loan balance is about $165,900 after 3 years. Market value is likely $210K.  

I just got an estimate on a refi and it looks like it would save me $148, but it would push my loan amount to $174K and back to 30 years.  

It seems like a dumb idea to refi...as it would take me 50 months to get payback for this. 

Should I just suck it up and keep paying the mortgage ins every month? 

Thanks for your thoughts on this. 

Mike