LPJ..
1. According to your figures you have plenty of equity to consider a NON FHA loan (and possibly a better loan) You will still need mortg ins without 20% equity, but you will not have the FHA funding fee with a conventional loan AND the possibility of mortg ins being removed sooner than with an FHA loan.
2. Was your first payment in Dec or January ?
Your taxes/insurance portion of your payment are what they are. Don’t let this confuse your payment analysis.
3. You will still be making your August payment which will reduce your loan balance even further, closer to $318K and cost you another $2000+/- out of pocket before this new loan closes next month.
4. By starting over with a new 30yr loan, you will be adding at least 9 payments of $1450 (P&I) that you no longer have on your existing loan.
If you only compare monthly payment savings,it’s $13,000 more in payments than the loan you have now,did you consider this vs.your savings ?
My point is that the benefit of a Streamline might be no appraisal, but for a $385 appraisal fee, if you have the equity that you say you have you may have another option to consider, at a lower cost.
You are definitely going to be better off in a lower rate and you may decide to stick with FHA, but did you get a comparison of rate, cost and mortg ins payment ???
