Currently have $462,733 mortgage at 3.75%. Almost three years into a 30 year mortgage.
In two months, we're going to have the principal paid down to 78% of original sales price, so PMI will be removed (saving $226.20 a month). We paid down the principal almost $35,000 since January in order to do this, and we only have about $10,000 in principal left to pay to get PMI removed, which will bring our monthly mortgage payment including PITI to around $3151 a month.
My wife just inquired with quicken loans about getting a 15 year mortgage refinance:
"We quality for a new 15 year conventional loan at 3.25%, with minimal money down and fees. We would only have to pay out of pocket $500 earnest money and the bank is willing to wave the closing fees.
Our new monthly payment, including PITI would be $4100. and no PMI."
So, $949 a month more toward the mortgage; $11,388 a year less towards investments.