My fiance and I bought a home in January 2017, however, only had 5% down and had to pay PMI. I am coming into some money from another house sale in July 2017 -
around $60k total. Our current mortgage is at $347,000, 3.5% for 20 years, and we pay $193 for PMI a month.
If I refinance and put down 20% of appraisal value (which I estimate to be $380-390k), we would pay $304,000, 3.125% for 15 years, and no PMI or we could do 3.625% for 20 years and no PMI.
My question is would it be worth it if we only lived in the house for 10 years? Also, if we have other debt, does it make sense to put more money into the mortgage? Other debt:
Student Loan - $45k w/ variable rate at 3.8% - I could refinance to fixed rate at 4%
Car Loan - Original $36k, currently $26k w/ 2.24% rate - I am selling for a cheaper vehicle, however, do not have cash to buy
Credit Card - $10k at 0% until July 2018 - will pay as I can