Time to refinance or ride it out with existing rate 5.875%I'm currently on a 30 year fixed, 5.875%, no points. Purchase price was $235k and with 20% down. Eixsting loan amount is $171k. Monthly payments are $1112, but I've been putting $200 additional toward principal. Since I'm paying down the principal, does it make sense to refinance? Here's the catch, I think my LTV is about 80% since housing dropped since I purchased. I can probably afford $1312/month like I'm paying now.March 18 2009 - Santa Ana11YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.