Refinance mortgage or invest?
I'm thinking about refinancing & locked in a rate of 2.625% with 1 point for a 15 yr fixed loan. Closing costs are estimated at $4800 (including the $1350 for 1 point). P&I would be $911 & I wouldn't have to pay pmi.
I'll be paying $140 more per month (for the next 5 years anyway because of the pmi in my current loan) if I refi, but I'll own my home in 15 years instead of 25. When I first looked at the savings in interest, it seemed like refinancing was an obvious choice. After thinking more about it, I'm torn on whether investing $140 each month for the next 15 years might be better than refinancing (& paying $4800 to close). Can someone please advise?