Would you Refinance?

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ETA: I think If I were to refinance, I would choose a 15 year loan.

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If you do refi my advise is look at the difference in interest rate between 15 year and 30 year. You can always pay more principal on a 30 year to finish paying in 15 so if the rate isn't very different, just go for the 30 year and pay an extra $400 (arbitrary number) a month toward principal.

Basically dont make the 15 year loan decision based off when you will pay off the loan because you can always pay more than the min on a 30 year. But if the rates much better for 15 do it.

I currently have 2 mortgages and one is a 15 year loan, but I got it at a super low rate so it was worth it. Just depends on the differences.

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ETA: Let's just say the rates are the same, is it worth re-financing just to rid the PMI cost. I guess then it boils down to additional closing costs vs $55/mo for the next however many years.

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That's basically it. TVM of the closing costs vs the $55 a month. I'm not sure it would be worth it to refi just for the $55 a month unless you knew you were going to be in the house for a very long time. That's $660 a year of PMI and closing costs will be many multiples of that. Hard to make that argument if the rates are the same.

It's going to be very difficult for us to itemize with the standard married deduction at $24k.