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Wait it out until you have 20% equity ? Maybe
You principal payments have steadily been increasing monthly thereby the 20% will occur sooner then starting a new loan with more years.
My calculations show that a .25 increase in interest will yield $39 more per month for the length of a new loan. Also you need to consider the closing cost.
If you can get a loan at your present rate or lower and same length of years then you have a good deal.
Posted from my iPhone/Mobile device
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