re: Should I refinance with these numbers?

Here are my figures on your numbers you gave me. Granted they are only estimations, but it should give you an idea of how to compare your current loan to your proposed loan.

Current loan $160k @ 5.25% paying $956 P+I
*Will pay $128,500 interest over next 25.15 years
*Balance 10 years from now => $119,700
*Balance 20 years from now => $51,600

Proposed loan $162,345 @ 3.875% pay $790 P+I
*Will pay $112,000 interest over 30 years
*Will pay add'l $3,900 more PMI over 130 payments
to get balance down under $124K
-assuming value of 160k and under 78% no PMI
*Balance 10 years from now $127,000
*Balance 20 years from now $75,800

Proposed loan $162,345 @ 3.875% but pay $956 P+I
-same payment but $30 going extra to PMI
*Will pay $77,500 interest and payoff in 21.6
years
*Will pay add'l $2,520 more PMI over 84 payments
to get balance down under $124K
*Balance 10 years from now $103,600
*Balance 20 years from now $17,200


You really have to determine how long you are going to stay and if you are going to still pay $956 each month even if you refi. You could save up to about $47k in interest over the next 21+ years, plus you would pay it off 3.5 years earlier than your current mortgage.

If you plan on staying 10 more years but only pay the minimum new payment of $790 then your balance will be higher 10 years from now. Plus you would be paying for an extra 3 years on the mortgage if only paying $790 month.

Definitely worth it IMO if you plan on paying $956 each month on new mortgage. But once again my figures are estimates and could be off a little bit here and there, but it should give you a good general picture.