Hey all,
I don't post much these days but I pop in pretty often to get a dose of mustachian-ism. I have a refi question and would like some input because I just can't decide what is best. I wasn't sure if I should have put this here or the Real Estate forum.
Current Loan: FHA
Principal: 165,200
Rate 3.75
P&I: 782
PMI: 174.96
Total Payment: 1250
Proposed Refi: Conventional
Principal: 164,917
Rate 4.375
P&I: 823.41
PMI: gone
Total Payment: 1133
It seems like a no-brainer and I can apparently skip two payments which will be nice for me to stash that money away and buy a couple Christmas and birthday presents for my kids. All with no out of pocket expense. I've only been paying on this mortgage since August of 2014.
However, I was raised to believe that if something is too good to be true, it probably is. If you have any thoughts or some kind of calculation tool, I would greatly appreciate it!!!