Kaycee,,,
Not sure exactly what loan you have, but I would guess that your payment is going up more like $500 a month, if your loan is $300k and your margin is rising 2 pts.
If $300 is a 20% increase, $500 is over 30%.
The tradeoff is that you have saved $$ since inception.
If you plan on staying in the property after next May, you are gambling on the future. As long as you understand that, it’s OK.
Depending on a number of factors, If you plan on a refi,what is available to you today may not be available to you next year.
