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I ran the numbers before, and honestly, closing costs on a refi can sting—sometimes it takes years to break even. I’d map out: 1) how much you’re paying in MIP now, 2) what your new payment would be (including new rate), and 3) how long you plan to stay. If you’re not sure you’ll be in the house long enough to recoup those costs, it might not be worth it. I’m super cautious about jumping into a refi unless the math really makes sense.
I get where you’re coming from, but I think sometimes people overestimate how long it takes to break even. Like, if your MIP is high and you’ve built up enough equity, ditching PMI can make a bigger difference than it seems on paper.
But what if rates drop and you can refi into a lower rate *and* lose PMI? That combo shaved almost $200/month off my payment last year. Even with closing costs, I’ll break even in about 18 months. Just saying, sometimes the math surprises you.“If you’re not sure you’ll be in the house long enough to recoup those costs, it might not be worth it.”
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