For 3 years with option 2 you paid for PMI 36 x 169 = $6084 and with option 3 you paid extra 36 x $31 = $1116. So after 3 years you are ahead with option 3 by almost $5000.

For the NEXT 3 years with option 2 you pay monthly no PMI and $2159/month, while with option 3 you pay MORE by $31 x 36 = $1116 (over 3 years). Over the remaining 27 years that’s ~30K that you pay more with option 3. So 30-5 = 25K more over the life of the loan with option 3. It’s not a whole lot. If you don’t plan to stay that long, but only 6-7 years, then I also would go with option 3, since it’s a pain to remove PMI.
(Presuming all fees/costs are the same; insurance and taxes are the same in both cases so I ignored those)