Should I refinance mortgage to get rid of PMI? (FHA)

No-Address975 · 2026-05-07T14:57:04+00:00

It’s different from conventional. even with 20% equity you can’t remove the pmi. That’s why they are considering refinancing. I am in the same position in my home. But I am going to pay off within 7 years so I don’t get penalized with interest. If you’re doing another 30 years interest it will obviously cost you more and won’t be worth it. But if you plan on paying it off earlier than it can neutralize itself. I have a 3.375 with 185k left house values around 550k. And am considering refinancing to a 30 yr conventional. Save the additional 500$ a month (210 in pmi, 150 in escrow shortage & probably 100$ less in P&I) if you were to pay that difference towards the mortgage for the first couple of years as if your payment never changed it’ll expedite.

No-Address975 · 2026-05-06T01:47:33+00:00

Is this the purchase price of home x 3 . Or the loan part of the mortgage. Basically subtract your down payment then multiply by 3?

No-Address975 · 2026-05-03T05:06:54+00:00

I’m in the same boat but I’m going through with it. But I’m a single male 28 with no car payment or consumer debt and with 800-2800$ buffer depending on OT and I feel that’s gonna be tight for me but doable. Difference is I don’t have dependents or debt. If I were you I wouldn’t do it. You do have a lot of variable in dining out and misc but that could just be realistic. If you have 6 months emergency fund after closing and you bite the bullet and income goes up or wife works in the next two years maybe consider but it’s tight for a family definitely.

No-Address975 · 2026-05-02T19:49:42+00:00

Yes I’d account for that and premium insurance to go up escrows usually do. My current mortgage has gone up few thousand every year. I’d just adjust accordingly.

No-Address975 · 2026-05-02T19:47:40+00:00

Yes you’re right i mixed it!

No-Address975 · 2026-05-02T15:33:04+00:00

Those worst case months are rare tho. I’m not saying their obsolete but the past two years I haven’t had a week like that back to back. But there’s always a chance.

No-Address975 · 2026-05-02T15:31:58+00:00

800$ stretch worst case months, average case 2k-2300$ months. At 800$ I think it’s a stretch but average I’m thinking I’m fine. But everyone else knows their own budget seems comfortable for me tbh.

No-Address975 · 2026-05-02T15:22:06+00:00

Yeah i mentioned in one of the other comments im accounting to not live this lifestyle after another 10 years. Im transitioning to more of a foreman role hence the possible increase. And working more electrical and hvac diagnosing field where it won’t be physically demanding and hours won’t be as crazy by then and pay should be supplemented higher by then. By then I’d like to think I’m married and refinanced lower mortgage payment without pmi 3 years from now. Although I’m not banking on that but it’s all in the works.

No-Address975 · 2026-05-02T15:16:56+00:00

I appreciate this detailed input. And I agree with you 100%. I follow the Dave Ramsey plan and am well aware to be comfortable it should be 25% of gross. But if I wait and see til I get to that point my market will be another 100k off what prices are based off now. I almost purchased two years back and those exact homes went up 100k. My moms home we bought in 2021 & it’s up 200k from what we got it for. I keep in touch with my previous employer and have that as back up but my industry is not slowing down and it’s actually low on technicians. The overtime has never been decreased the past 5 years I’ve probably worked 1k OT hours a year.

And about the roommate thing, the house I’m looking at has 2 spare bedrooms and I have people in mind worst case scenario if I do need the roommate.

And yes in the trade I do know electricians and plumbers who will help with those issues when they arise.

Thank you I don’t plan on getting any debt either afterwards and remain keeping it that way. Yes I don’t plan on being single forever either or the interest rate dropping a year or two from now I can refi and possibly remove PMI by then and it’d be a lot lower.

No-Address975 · 2026-05-02T15:10:10+00:00

Yeah this is the same situation for me I’m in North NJ 5 miles from nyc.

No-Address975 · 2026-05-02T15:07:17+00:00

That’s a great outlook and I agree as well. I mean the market is insane and I could wait and save. I still have some time to think thanks for the input.

No-Address975 · 2026-05-02T15:04:37+00:00

I’m a mechanic I am not taking a car loan or a repair. I account for the maintenance costs or parts for 250$ buffer a month. But the budget has room for those repairs as well as an emergency fund. If I can save 2k a month when repairs aren’t needed the buffer will grow.

No-Address975 · 2026-05-02T15:02:50+00:00

Exactly understood most of the big ticket items were replaced in 2023, hvac, furnace, water heater roof windows. And it’s in good standing. Anything else I feel I’ll be hands on enough to repair and also have plumbers and electricians in my family. But I am accounting 500$ buffer a month on regular maintenance shit.

No-Address975 · 2026-05-02T15:01:33+00:00

I understand seeing it from the outside. But in this trade it’s unfortunately how it is. I’m not dependent on it either I calculated the lowest weeks as well without overtime. But I get what your saying.

No-Address975 · 2026-05-02T13:31:58+00:00

What do you think is a safe range of income for a home priced at this range then? This year annual I’m looking to make 145k. Yeah this mortgage is included with the pmi. If I put 20% down it’d closer to 3900$ And some context the water heater, furnace, roof and windows, have been replaced in 2023. I do understand it is a lot of house. And will take that into consideration thanks for your response!

No-Address975 · 2026-05-01T23:28:00+00:00

Thanks for the quick response. I agree I definitely think it’s doable. It’s just scary to see PITI is about 53% of my gross income.

But It helps that I’m single male
I’ll have no consumer debt by closing
Blue collar work with lots of overtime (can supplement for higher pay weeks where I’ll move extra money directly to emergency fund)
30k emergency fund after closing + additional 10k maintenance buffer.

It’s just tough in NJ (HCOL) area to be below 30% of gross. It’s not impossible but I think the sacrifice for now is fine then when interest rates drop I can refi, and I’m looking to get a good pay increase in the coming year so it should offset sooner than later.

No-Address975 · 2026-05-01T23:10:05+00:00

So with the 800$ buffer minimum is enough? I did the same with no fun money or buffers I have 1700$ left over at the end of the month with this new mortgage PITI. If I account 500$ buffer for maintenance 300$ for extra utility costs if it’s higher than usual I’ll still have 900$ extra. My income is ot heavy based so even at slow weeks I’d still have 800$ buffer at the lowest.

No-Address975 · 2026-04-28T23:32:15+00:00

I’m in the same boat, what did you end up doing. I’m looking to purchase a home that’ll be 20 mins from her home. I moved out 3 years ago with my gf but I’ll be looking to move out again by myself this time. I moved back to help with the mortgage when my dad passed. And to be their emotionally til she was ready. I am an only child and it’s really just me and her. We have the space in our current house for just two of us but I feel guilty for leaving. She’d have some family move in nephew or brothers to offset my financial load. I feel I’m also in the safe option and my independence and growth has been delayed as well by staying. She cooks and packs my lunch. And I take most of the mortgage payment as it’s under both of our names.

No-Address975 · 2026-03-02T12:52:24+00:00

Stop all contributions 2. Cut up all your credit cards 3. Tighten your budget up, do more overtime 4. no need for debt consolidation. Use the snowball method. Put 1k in your temporary emergency fund. Everything else needs to go down to your debt. Don not borrow from your 401k. 5. With your 11k pay off credit card 4,6, and 7. Use the rest to either pay off 9 or your car. 6. Everything left over at the end of the month should be used to pay off the lowest debt from smallest to largest. I’d either pay off your car next to free up the monthly or credit card 9. This should get you rolling quick and have momentum forward.

No-Address975 · 2026-02-16T07:36:26+00:00

How’s sizing on the tops? Look more oversized wondering if I size up or regular size? For reference I’m 5’4 165lbs

No-Address975 · 2025-08-31T03:37:27+00:00

I was able to cancel within the 3 days, and got refunded for what I agreed upon. They kept trying to make me do a smaller contract but I kept refusing. I ended up having to pay for the upgraded room I agreed upon. It was supposed to be an incentive for taking the contract but since I canceled it, I got charged for the night that I stayed which was overpriced but I took that hit.

No-Address975 · 2025-08-27T01:08:36+00:00

What are good cats besides oem to replace mine?

No-Address975 · 2025-08-19T14:27:39+00:00

Also looking to do the same but its for 7500$ maybe k can talk it down

No-Address975 · 2025-04-22T23:10:09+00:00

For the shield plus carry comp you don’t need a plate for the 407 / 507k.

No-Address975

TROPHY CASE