FHA monthly MI has increased significantly in the last three years, here are today’s rates:

■15-year loan term, loan-to-value > 90% : 0.50% per year
■15-year loan term, loan-to-value <= 90% : 0.25% per year ■30-year loan term, loan-to-value > 95% : 1.15% per year
■30-year loan term, loan-to-value <= 95% : 1.10% per year Check your current MI threadkiller, I think you are at .55%? Sounds like it would not make sense at today's rates unless you want to go into a 15 year or pay the loan down to get rid of MI.