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And how much will you be paying in fees to refinance now, and refinance again 10 years down the line? That's money you aren't going to see again.
Yes, most of it goes to interest anyway, but do you know how much "most" is? We also have an 80/20 loan, and on the first mortgage, more than 10% of my payment goes towards principle. If yours is anything close to that, you're paying yourself near the $150 difference every month anyway.
So unless you really need to have the money in hand right now, the best long term strategy is to stay the course until you can find something that doesn't involve interest-only.
(and I have no freaking clue why quick reply seems to be getting worse, no one's been able to even suggest possible reasons)
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'He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine, receives light without darkening me.'
-TJ
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