Can I get a second set of eyes on this, or more haha. I'm pretty proud of myself for thinking this through. Hopefully i am right.

I want to refi to remove PMI. With a new FHA, you have to refi to remove it.

Looking to stay in home at least 10 more years. Only way I see that changing is if I lost my mind and got remarried to someone with kids and we needed more rooms. :)

Refi will cost me about $10k if I need to put any into it. With the FHA, I only had 3.5%. It needs 95% LTV. It's only been a year so it may appraise but not sure. If I don't need to put money into, then woohoo it's only closing costs.

Numbers below are only the refi situation, no other savings etc included.

Option 1: Refi.

- I will save $200 per month.

- The earn back period on my $10k, at $200 per month is 4y2m.

- investing my $200 per month at a conservative 5% return would come to approx $11,100 in 4 yrs.

- in 10 years that $200 per month is at $31k.

Option 2: no refi

- I continued to waste $200 per month on PMI

- I put 10k into investments "today."

- I don't factor any other contributions bc this is an isolated calculation.

- in 4 years, it grows to $12k

- after 4 years, I still don't have that extra $200 to contribute bc I still have PMI. So my original 10k keeps growing.

- in 10 years, I have $16,300

So Refi clearly wins, right?? In 4 years, I come out a little better with not refinancing but definitely not after that.