$474k appraisal, $413k loan amount, $110/mo PMI cost, mortgage 30yr @ 2.5%

If I pull investments to knock my loan down to $379,200, I'd be at 80% and drop PMI.

Current loan will be $1631.85/mo plus $110.13 PMI for years 1-5, so $1741.98 for 5 years and then $1631.85 after.

If I pull ~$34k from my Vanguard account, my loan could be $379,200 and my payment would be $1,498.30.

This saves me $243.68/mo for 5 years, or $2924.16/year on a $33,800 withdrawal, for a 5 year annual effective return of 8.6%. After 5 years, my differential is $133.55/mo, or an effective return of 4.74% on the $33.8k.

Ordinarily I would want to finance as much as possible at 2.5%, but given I have the opportunity to drop 5 years of PMI, I'm considering if it'd be worthwhile. Have I made some math errors here or is this a no-brainer?