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re: Home Loan - Refi vs PMI Question
Posted on 3/11/15 at 12:46 pm to ItNeverRains
Posted on 3/11/15 at 12:46 pm to ItNeverRains
quote:
Just ball parking but assuming you owe 170k I'd expect a refi to cost somewhere in the 4-5k range. For this exercise let's split and say $4500
4500/61 = 73.7 months, so your break even on Financing out strictly to remove PMI is just over 6 years, plus restarting amortization of loan.
It is so highly variable its pretty wild. I'm refi-ing now and my closing cost will be 0 with lender credits, my rate will fall, and PMI will be lender paid. My break even will basically be immediate.
1
Posted on 3/11/15 at 1:21 pm to Teddy Ruxpin
I get that as well. Just depends what the rate is for rolling in PMI/Lender credits. Not saying it can't be done, I just did it in January, but not to simply remove PMI. Also knocked $600/mo off mortgage and will owe exact same amount on principal in 5 years (did 5/1 @ 2.5%)
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