<prompt> Human: Currently owe: 287,997 Current Escrow balance: 3,335.89 Current Payment: 2,020.51 Prin 393, Int 1,143, Escrow 484 Interest Rate: 4.75 Maturity Date: 943 House is worth: 320,000 Option 1 - taking higher rate to pay for all closing costs and replenishing escrow 995 Loan Fee 450 Appraisal Fee 68 2 days of interest 5,145 1.75 fee to MI company to make MI go away for life of loan 3,665.93 new escrow account 8 months of taxes 9 months of home owners insurance 650 Title fees for new mortgage 300,566 due at funding 294,000 new 30yr fixed load 4.25 7,350 Lender credit to me at closing 783 total estimate funds to me at loan funding New Payment: 1,896 1,446 PI, 449 escrow Option 2 - Increasing loan amount to cover all costs and taking lower rate same fees as above 300,559 Due at funding 300,000 new 30yr fixed loan 3.75 Bring 559 to closing New Payment: 1,812 1,361 PI, 449 escrow Option 3 - Keep loan amount to what is owed and show up with all closing costs We do not have the cash on hand to do this option I hope I formatted this post correctly and included all the needed information. When we initially bought the house we had the MI paid up front so my mortgage guy said we need to do it again. Any advice would be appreciated. EDIT: We plan on living in the house for the duration of the loan  <response>: You might consider option 4 oops. Ask the lender to quote you a rate for a zero fee refinance. Ive done it twice in the last 5 years and have settled in at 3.75, all at no cost to me. In this volatile rate environment I think its the only way to go. 