Going over all the numbers over deciding to refinance or not. According to this simple... very simple Bankrate calculator, it will take me 20 months in order to break even.
So that means the extra $5k I paid in principal reduction would be lost to the closing costs. The new monthly mortgage is $250 less... meaning:
$5k/$250= 20months. Or even less than that if you include the canceling of PMI...
$5k/$350 = 14.3months or 2years.
It'll pay for itself in the long run. I hope. The new interest rate is 4.375 for a 30 year loan. Should I go for 15 year loan at 3.8?