Here's the scoop. I purchased my home in November 2014 @ 4.25% interest. I'm carrying PMI of $201.24/month at this rate. Total payment $2,648.75 broken into P: $542.35 It: $1,373.76 Escrow: $732.64 (impounded insurance/property tax/PMI).
I just did a quick look and I can get a 3.75% refinance today for $231.34 closing costs broken down as below. New payment $1796.35 + PMI. PMI on this loan is $174.55 on 80-90% LTV and $232.73 on 90+% LTV. I'm currently flirting very closely with the 80-90 rate, depending on appraisal.
It appears that going forward with this would save me either $88.27/mo or $146.45/mo.
Looks like a no brainer to me, am I missing anything?
Processing Fee $199.00
Points or (Lender Credit) ($1,675.66)
Total Guaranteed Lender Fees ($1,476.66)
Appraisal $500.00
Credit Report $13.00
Title Services $1,195.00
Total Estimated Third Party Costs $1,708.00
TOTAL: $231.34